www.iva.co.uk

Hi
Wondering if you can help, I am just about to start the 5th year of my iva (1year left!!!), it's been a hard few years, and me and my husband are really struggling at the mo and my father has offered to help with full and final settlement, payments left come to around £5000 when I spoke to my iva company they said I have £12000 outstanding debt on my iva and any offer should bear this in mind,
This week my husband had a very large bonus with the 10% 50/50 rule it would mean paying iva company £7000 does this come off the £12000 or my original debt I've got very confused, could I pay whole bonus in cover £1200 to finish iva,
We're not likely to get another bonus for good few years now, and I've also just had my work hours reduced dramatically,
Wondering if anyone else has finished with a bonus or if it can be done could be the fresh start we need in this house

I imagine the figure they are referring to is the amount needed to bring payments up to a level to cover all of the original debt plus feed.

Full and final offers are normally based upon the number of payments left multiplied by the current monthly amount, plus 12 months if there is equity to be looked at.

Yes, you can offer your share of the bonus as the F&F, still based on the amount left to pay, but capped at the full amount of debt, plus fees and possible statutory interest.

I was in a similar position but bonus. I was told thar the creditors are entitled to there share of the bonus regardless. I could use my share of the bonus as pert of the full and final offer.