www.iva.co.uk

Hi.Ive just made payment 32 of my IVA,no problems so far and all rules and requirements have been met.I have a question with regards to full and final settlement.Ive had a very generous offer from a family member to settle my debt in 3 months time due to a windfall they will recieve in 3 months.im lucky insofar that i have a pretty decent job which sometimes pays decent bonuses(but obviously half of cleared bonuses right now has to be paid over to the IVA,which i have complied with to date).in short,they would rather me pay them back at a flat rate,and obviously i get to keep my pay rises and bonuses.
The questions i have are;
1:will it be possible to put a proposal to my IP for F&F?
2:if it is possible,how much do i offer..if i have 29 months left,is it a case of 29 times the monthly amount,or could i potentially put an offer on the table to be considered which is slightly less?
with regards to the last part of question 2,i dont want it to be appear cheeky(but to me the F&F process is a little confusing and daunting),but is it not the case creditors would rather recieve a lump some now,than still risk potential failure of the IVA in the future(WHICH I IN NO WAY WANT TO HAPPEN!!),but nonetheless who knows what happens in the future.
Many thanks,
IEL

It may well be possible to effect a full and final setlement and you should ask your IP to provide you with a settlement figure. Usually this is based on achieiving the dividend you originally pledged, and this will be less that the amount of outstanding contributions as there will be a saving on IP costs.

thanks for the very quick reply melanie

sorry to ask Melanie,one more question...am i right in thinking that there is a charge for a creditors meeting for a full and final settlement?(im sure ive heard something like this.i dont have my IVA agreement to hand).
thanks again

Cost for hubbys F&F was £1250 + VAT. I could be wrong but i think thats about standard. It will come off your settlement figure.

mrs skint