Full and final settlement offer
Posted: Wed May 03, 2023 12:35 pm
Good afternoon.
I am in a situation where I'm glad to say that a family member has offered to settle my outstanding debt and bring my IVA to a close.
My final payment is due 31/08/2023.
However, a couple of years ago myself and my insolvency practitioner (Debt Movement) couldn't agree on a payment reduction after a change in circumstances. They wanted more than I could afford. Mental health problems then reared their head again, and i ended up ignoring things and just paying what i could when i could, with no chase up off Debt movement.
This means that even though my final payment is due 31/08 this year, I still have £13,114 outstanding.
I'm wanting to offer my creditors 75% of this to get a settlement.
Is this a fair offer. Obviously the family member would like to pay out as little as possible.
Thanks or any advice. I CANNOT get hold of Debt Movement to discuss this.
I am in a situation where I'm glad to say that a family member has offered to settle my outstanding debt and bring my IVA to a close.
My final payment is due 31/08/2023.
However, a couple of years ago myself and my insolvency practitioner (Debt Movement) couldn't agree on a payment reduction after a change in circumstances. They wanted more than I could afford. Mental health problems then reared their head again, and i ended up ignoring things and just paying what i could when i could, with no chase up off Debt movement.
This means that even though my final payment is due 31/08 this year, I still have £13,114 outstanding.
I'm wanting to offer my creditors 75% of this to get a settlement.
Is this a fair offer. Obviously the family member would like to pay out as little as possible.
Thanks or any advice. I CANNOT get hold of Debt Movement to discuss this.