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Say you owed £20,000 and you get money from a third party, would you have to offer the full amount and also would you be liable for interest on top of that and also fees to the people whom you have the Iva with?

lynne251 wrote:

Say you owed £20,000 and you get money from a third party, would you have to offer the full amount and also would you be liable for interest on top of that and also fees to the people whom you have the Iva with?

If you are offering a Full and Final the amount is based on the number of payments remaining (plus 12 if there is equity to be looked at) multiplied by the current monthly amount (you can round this down slightly). A F&F is much less expensive than a settlement, which does include the full original debt, plus fees and statutory interest (if not excluded).

You might find this video useful:

https://youtu.be/h4dozq9aGak

Would the money be a gift?