Full and final offer query

Laura2018 · 3 April 2017 at 6:10PM

I've just started an IVA with credit fix of £105 per month over 5 years. Over the weekend I came clean to my partner about my finances and he has kindly said he will offer credit fix £5000 as a full and final offer. Ive emailed my consultant at credit fix and she instantly messaged back saying this will be rejected as the creditors would take the £5000 and then still expect me to make the £105 per month payments for 5 years....
I'm quite surprised to be honest as i've read tens of messages on here saying peoples full and final offers of payment have been accepted. Would anyone be able to offer me some advice on how to pursue this?
My total debt is around £20,000

mwarby · 4 April 2017 at 7:39AM

You would need to make clear to creditfix and creditfix to the creditors, that the money is not yours and it would only be made available for a full and final offer. What you can't do is squire a lump sum yourself and use that as a full and final(as it then becomes a windfall, which the creditors are entitled to). It's worth ensuring this money is not (and preferably never has been) held in an account in your name(single or joint), as this reinforces the point that it's not your money

mwarby · 4 April 2017 at 7:48AM

It's a shame you didn't have the discussion pre IVA, as you can start an IVA as a lump sun IVA. A lot sum IVA takes less than a year (mine took 6 months), the lump sum is paid early on(and nothing more), the rest of time is creditor claims and completion.

One other thing, the £5000 may be seen as a bit light, as the creditors are currently expecting £6300 over the term. If your circumstances have changed for worse that makes a difference, but if not the creditors may end up getting more(pay rise, windfalls etc)

sourcrates · 4 April 2017 at 11:32AM

Laura I've answered your question on the DFW thread.

CocteauTwin · 14 April 2017 at 10:14AM

I was told that unless I made an offer above the owed amount then they wouldn't accept it in the first two years. I eventually paid back 65p in the pound rather than 60p contained in the original proposal. This was 4 years in. It depends on whether or not you can continue to make the payments. I couldn't so they took the offer.
In hindsight I should have offered less but I just wanted it over. My offer came from a 3rd Party who had to provide; Bank Statements, letter of authorisation etc..
They can only say no but if it fails then more costs are added.

Good luck though
&#55356;&#57214;&#55357;&#56832; IVA ended this year!

Full and final offer query

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