f&f settlement help please :)

LISAP_3

Hi I and my husband have just under 2 years left to pay into our IVA. A friend of mine has offered to pay £2000 as F&F settlement. our debts were originally £26000, We have up to date payed 35 payments of £218, followed by now paying £290 pm, with some months paying more due to additional income. On my last annual review, they were dividing 13 pence in the pound.
In addition, my IVA are currently in the process of claiming back PPI that i did not know we had paid ! So would this PPI plus £2000 F&F settlement figure likely to be accepted ? If so, what would I need to do next?
Any help would be much appreciated

Depth_Charge

LISAP wrote: »

Hi I and my husband have just under 2 years left to pay into our IVA. A friend of mine has offered to pay £2000 as F&F settlement. our debts were originally £26000, We have up to date payed 35 payments of £218, followed by now paying £290 pm, with some months paying more due to additional income. On my last annual review, they were dividing 13 pence in the pound.
In addition, my IVA are currently in the process of claiming back PPI that i did not know we had paid ! So would this PPI plus £2000 F&F settlement figure likely to be accepted ? If so, what would I need to do next?
Any help would be much appreciated

Hi

If you are still able to pay your agreed IVA monthly payments and any payments made to date, realisable assets, third party funds and windfalls would not clear your original total debts plus the fees then I cant see how the IVA company & creditors would agree to a full & final settlement as such, IVAs are not set up to be charitable to the person in debt.

Maybe think about the above very carefully with regard to your friends £2000 offer.

Also its the old line I am afraid and apologies if it sounds so, but best speaking to your IVA provider and maybe your actual IP and it has to be your decisions at the end of the day.

Best Wishes

UpToMyNeckInIt

Hi Lisa,

Best to approach your IP, asa only they know your exact circumstances. There is every possibility that your F&F would be accepted - especially if with everything else, it takes you up to/over what your creditors voted to accept by way of minimum dividend (they are then getting it all at once, and not over a period of 2 more years).

This is especially so if combined with a change of circumstances (eg: recently changing to lower paid work etc).

I know of many other IVA-ers that have been able to settle early in this way.

Good luck, and let us know how you get on.