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Posted: Fri Sep 05, 2014 9:58 am
by Tomoli
Is my full and final settlement likely to be accepted?
I am about half way through a 5 year Iva. I pay £190 a month with approximately £5500 left. My mother has offered £4500 as a f and f. This would mean instead of 22p in the pound they would get 16p. I have sent my forms back to my IP so this will now get sent to my creditors to arrange a variation meeting. I'm really worried it will be rejected. I have met all my payments and also paid in an extra £100 in overtime and approx £3300 in PPI. My circumstances are that I am self employed so not as stable as PAYE. Do you think mine is a reasonable offer?
Posted: Fri Sep 05, 2014 10:04 am
by Adam Davies
Hi
Sounds fine, hopefully your IP will put the variation over to your creditors in a way that highlights your unstable income
Good Luck
Regards
Posted: Sat Sep 06, 2014 11:48 pm
by lou3
It's a reasonable offer that the IP should be able to put forward for you. However, bearing in mind your payment history and the fact you have actually paid additional income you should be prepared for the likelihood of it being rejected as the creditors will ultimately choose to go with the option that gets them the most money. it is generally advised that if a client can afford to sustain payments a full and final offer of less than the amount they would get if the plan continued does not have a high chance of success. That doesn't mean it definitely wont be accepted just that you should not be surprised if it isn't.
Posted: Sun Sep 07, 2014 12:53 am
by kazzafunk
Always worth a try Tomoli as it means creditors get their money early.
Has your mother written that the payment is only available for a full and final settlement? Always best for this to be done.
Posted: Sun Sep 07, 2014 7:39 am
by Tomoli
Yes my mother has stated the money is to be used only for a full and final settlement and no other reason.
My IP has stated that as I am self employed my income is subject to change and although currently I have maintained payments there is always the possibility I could not maintain them in the future. This way the creditors are getting their money now. I do not have a property so no equity clauses.
Posted: Mon Sep 15, 2014 10:27 am
by Tomoli
Well my variation meeting has been arranged for the end of October, it's going to be a long few weeks!
Posted: Mon Sep 15, 2014 10:37 am
by Michael Peoples
Very best of luck and it looks like you have a supportive IP. This is always a good help.
Posted: Mon Oct 27, 2014 6:20 pm
by Tomoli
Yippee, my full and final was approved today. Can't wait to finalise the paperwork and hope I don't have to wait too long for the CC
Posted: Mon Oct 27, 2014 6:27 pm
by relieved33
Congratulations! Enjoy your debt free future.
Posted: Mon Oct 27, 2014 6:34 pm
by Foggy
Well Done -- great news