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What is the difference between the 2 sample F&F letter templates on this forum ?
Posted: Thu Dec 07, 2017 4:11 pm
by pete554
I wish to help a family member to make an offer of Full & Final settlement of their IVA. I found on this forum two sample letter templates (Letter 5 and Letter 6) which look like they would help. The two letters are very difference. Could you explain please the difference between these two letter and in which circumstances each would apply?
Many Thanks
Re: What is the difference between the 2 sample F&F letter templates on this forum ?
Posted: Thu Dec 07, 2017 5:04 pm
by Foggy
Letter 5 is the offer of a lump sum to settle debts made before going into the IVA -- and can be used with a lump sum IVA, in effect proposing an IVA, but with only one, lump sum, payment.
Letter 6 is the offer of a lump sum whilst in the middle of an IVA, to end it early.
For a Full and Final Offer (do not use the word settlement -- that is a different, and more expensive, animal), when part way through an IVA you use Letter 6.