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  • FIRST POST
    • maximus12
    • By maximus12 3rd Jan 18, 10:40 PM
    • 8Posts
    • 0Thanks
    maximus12
    Final settlement on IVA advice needed
    • #1
    • 3rd Jan 18, 10:40 PM
    Final settlement on IVA advice needed 3rd Jan 18 at 10:40 PM
    Hello,

    Has anyone ever been successful with a full and final settlement on an IVA.

    I have a chance of getting some money from a relation which will be about half of what is owed on my IVA. I have asked with regards to this been a final settlement. The IVA company have said we can put in a case for final settlement but they may just take it as a payment in the IVA

    We do have a good case due my partner having a serious injury at work and him getting no income for the last 2 years and we have fully discussed this with the IVA company.

    Has anyone ever experienced this please?

    Thanks
Page 1
    • sourcrates
    • By sourcrates 4th Jan 18, 12:03 AM
    • 13,035 Posts
    • 12,343 Thanks
    sourcrates
    • #2
    • 4th Jan 18, 12:03 AM
    • #2
    • 4th Jan 18, 12:03 AM
    Hi,

    Yes my IVA ended with a settlement.

    However I was in year 6 at the time, my circumstances changed, and the payments were no longer affordable, I offered all payments to date as full and final settlement and it was accepted.

    It depends on a lot of factors, how far through the arrangement you are, how much you have already paid, the likelihood of future payments, etc etc.

    The creditors will always go for the best option for them, you have to show them that by accepting your offer, they will get the best return.

    Make the offer in writing, on the clear understanding it can only be used to settle the IVA.

    Donít let the relative part with the cash until itís all been agreed in writing, I canít emphercise this enough.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • maximus12
    • By maximus12 5th Jan 18, 10:35 PM
    • 8 Posts
    • 0 Thanks
    maximus12
    • #3
    • 5th Jan 18, 10:35 PM
    • #3
    • 5th Jan 18, 10:35 PM
    Hi,

    Yes my IVA ended with a settlement.

    However I was in year 6 at the time, my circumstances changed, and the payments were no longer affordable, I offered all payments to date as full and final settlement and it was accepted.

    It depends on a lot of factors, how far through the arrangement you are, how much you have already paid, the likelihood of future payments, etc etc.

    The creditors will always go for the best option for them, you have to show them that by accepting your offer, they will get the best return.

    Make the offer in writing, on the clear understanding it can only be used to settle the IVA.

    Donít let the relative part with the cash until itís all been agreed in writing, I canít emphercise this enough.
    Originally posted by sourcrates
    Thank you for your advice, really appreciate it as I wouldnt have considered sending it in writing with those terms. My IVA provider gave me the impression I wasnt able to set those terms.

    Thank you again
    • Concerned75
    • By Concerned75 12th Jan 18, 1:28 PM
    • 246 Posts
    • 124 Thanks
    Concerned75
    • #4
    • 12th Jan 18, 1:28 PM
    • #4
    • 12th Jan 18, 1:28 PM
    You are always able to set those terms, as I did. I'm just waiting for the certificate, which I've been advised, is any day now. I sent my full settlement the end of November 2017.
    • PrettyKittyKat
    • By PrettyKittyKat 12th Jan 18, 5:50 PM
    • 143 Posts
    • 222 Thanks
    PrettyKittyKat
    • #5
    • 12th Jan 18, 5:50 PM
    • #5
    • 12th Jan 18, 5:50 PM
    When you say 'getting money' what do you mean?

    Is it a gift from the family member to help you pay your debts off or is it inheritance? This will affect how creditors will see it and whether it would likely be accept as F&F.
    • maximus12
    • By maximus12 12th Jan 18, 9:43 PM
    • 8 Posts
    • 0 Thanks
    maximus12
    • #6
    • 12th Jan 18, 9:43 PM
    • #6
    • 12th Jan 18, 9:43 PM
    When you say 'getting money' what do you mean?

    Is it a gift from the family member to help you pay your debts off or is it inheritance? This will affect how creditors will see it and whether it would likely be accept as F&F.
    Originally posted by PrettyKittyKat
    Hello,
    Its a gift from a family member to pay off the IVA. If its not accepted as full payment it wont be gifted to us.
    I have written a letter explaining this and also explaining my partner had a serious eye injury at work and this year has been difficult keeping up with payments and he may need further operations so we cannot a wage from him.
    Fingers crossed it is accepted though im not hopeful
    • maximus12
    • By maximus12 17th Jan 18, 2:47 PM
    • 8 Posts
    • 0 Thanks
    maximus12
    • #7
    • 17th Jan 18, 2:47 PM
    • #7
    • 17th Jan 18, 2:47 PM
    Does anyone have any further advise please:
    Has anyone ever finalised an IVA without going through their IVA provider or must you go through them?
    I have just spoke to my provider (payplan) and it seems so completed to submit a final settlement.
    They need the following (is this normal?)
    House valuation
    Mortgage redemption
    current income
    income and expenditure
    letter from parents (who are giving us the money for a settlement only)

    Also apparently the minimum timescale for creditor meeting is 3 months?

    They also state that the creditors may push us to bankruptcy instead of settling?
    I thought this would be a way out of all this but I am beginning to think it makes matters more complcated

    Any help would be appreciated
    Thanks
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