IVA full & final settlement...

SG_28

Hello. Sorry if I am driving you all crazy with all my questions but I was wondering if there is such this as a full and final settlement in an IVA? Just I am thinking if there was to ask a family member to help me as I am really struggling with the stress of having an IVA. I don't think I want to have this feeling ongoing for another 2 1/2 years.

FoggyBrain_2

Hi -- the short answer is Yes !

Unless you have extenuating reasons ( ill health, job loss, etc) you will need to offer somewhere near your estimated dividend. Make it clear to your IP that the money is from a 3rd party and is only available for a full and final settlement. If the F&F is refused the money will be kept by the potential donor.

SG_28

Yes thank you. Oh the money is definately not from me. I don't even know if I have it yet, I am just looking at my options as I would rather if possible get it paid of F&F and pay a family meet back.

I just feel that although I am up to date with my IVA payments I am always worrying and stressing about them extending the period or asking for more money then I have. I am nearly half way through so I guess I would only need to give them the rest of what I owe?

FoggyBrain_2

I know the feeling ! They should (I say should .. they are funny animals) accept a figure at or close to the estimated dividend. One, is is what they are expecting over the term a,d, 2, they benefit much more from a lump sum now than dribs and drabs over the next 2 years or so.

SG_28

Thank you so it is possibility that they will except. I haven't even got the money yet but I am hoping once I explain this to a family member they may help me out.

FoggyBrain_2

I would think there would be a good chance. When you have got access to the funds run it by your IP.

darlyn

SG_28 wrote: »

Hello. Sorry if I am driving you all crazy with all my questions but I was wondering if there is such this as a full and final settlement in an IVA? Just I am thinking if there was to ask a family member to help me as I am really struggling with the stress of having an IVA. I don't think I want to have this feeling ongoing for another 2 1/2 years.

We did a F&F. We actually paid just under the expected final amount, and it took care of the equity clause !

They'll snap it up if done correctly - your IP will guide you.

Good luck:beer:

FavDaughter1

we did a F&F IVA (hubbys wage was too low to do a 6yr IVA:eek:),my parents lent us the £.

if you're already in a 5/6yr IVA offering a little less should be accepted. you could try a bit lower,depends how keen you are to be rid of it & how much your relative will lend you.

i find it uncomfortable owing family so much £ but i'm sure it's better than all the stress of reviews.

who's your IP?

techno1029

I too am looking into a F&F but my IP was unable to advise on an offer? Am going to try and work out how much is left then talk to a very helpful family member who has offered their assistance.....just the thought of getting out early has boosted my depressed mood no end....good luck!!!!!

SG_28

Hello everyone. Thanks for all of your replies. So nice to hear that there are people out there who have been excepted for a F&F settlement. This will be something that hopefully I will be able to do in the future.