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?
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
