Full and Final IVA - what is it?

moohound

When I spoke to PayPlan about full and final payments, they mentioned a Full and Final IVA, what is this I have never heard of it before?

Hs anyone here had one?

XX

dipsy

I would be interested to know also

btw does anyone have experience of payplan good/bad?

cheers

UpToMyNeckInIt

In a nutshell, I believe it is where you are in a position to clear a proportion of your debts through a one-off payment (eg: you have lost your job, and can use a redundancy payment, or if a third party - friend or relative, has offered a suitable sum).

Your credit rating is still knackered for 6 Years, but you steer clear of the insolvency register (or have your name removed from it almost immediately).

If your creditors believe this is the best possible option, they may accept it. The main benefit to them is they get all their dividend in one hit vs the possibility of a conventional IVA failing, and then ending up with less than anticipated.

yat360

Just completed my IVA. Never heard of a full and final IVA though I've heard the terms used when you offer a settlement and it has to be referred to a 'full and final' settlement.

Payplan was around when I went into mine but I did a lot of research before I chose the company I went with who were fantastic. Not sure I can name them on this forum...but it wasn't Payplan.

Getting the right company for you is vital....you will be with them for 5 years!

yat360

UpToMyNeckInIt wrote: »

In a nutshell, I believe it is where you are in a position to clear a proportion of your debts through a one-off payment (eg: you have lost your job, and can use a redundancy payment, or if a third party - friend or relative, has offered a suitable sum).

Your credit rating is still knackered for 6 Years, but you steer clear of the insolvency register (or have your name removed from it almost immediately).

If your creditors believe this is the best possible option, they may accept it. The main benefit to them is they get all their dividend in one hit vs the possibility of a conventional IVA failing, and then ending up with less than anticipated.

I think you remain on the insolvency register for three months after settling the IVA. It is were I am now and after almost 5 years i don't mind another 3 months!! It'll take at least a year to get my credit record sorted though.

UpToMyNeckInIt

yat360 wrote: »

I think you remain on the insolvency register for three months after settling the IVA. It is were I am now and after almost 5 years i don't mind another 3 months!! It'll take at least a year to get my credit record sorted though.

...I stand corrected.

Well done on successfully completing your IVA. Hope you can offer more advice on this forum - nothing like hearing how it all works out from a real customer.

yat360

UpToMyNeckInIt wrote: »

...I stand corrected.

Well done on successfully completing your IVA. Hope you can offer more advice on this forum - nothing like hearing how it all works out from a real customer.

Happy to do so......it can be difficult at times!

tibawo

I've got less than six months to go with payplan. I have had some hiccups with them along the way that at the time really cheesed me off but I have also had my own blips where I wobbled and when I have rung they have helped me sort it all out, reassuring me and helping me with my budget.
I lost my job midway through and had to tag three months onto end.

Earlier this year I had a horrible case officer. She ignored my emails about if I could swap, this was mainly cause she kept phoning even when my file says email. In the end I complained and now have a lovely lady whom I feel happy to ring.

Like another poster says ultimately you have to go with whom you feel right with. I suppose it is a bit like banks in that you hear good and bad about all of them!