Full and Final Settlements

adyj73

Has anyone had any success finishing their IVA early?

I have two years left and if I repaid to the end of the five years would pay in about another 7k from today.

Two family members have offered to put up 3k between them for use only as a F and F and the IVA company is happy to propose this to the creditors and will be putting it to them in the next few weeks.

This would save me 4k but I wondered if anyone has successfully had a F and F accepted that was lower than what the creditors could get if they said no and waited out the next two years??

Thanks in advance

techno1029

I offered more or less what i would have paid if the IVA had ran its course. The problem was it took a few months to be settled and i had to keep payments up so they actually got a little more that i would have paid. Then PPI kicked in and they got another few thousand!!! Ask to stop payments asap if creditors agree to the settlement.

adyj73

Thanks Techno

Yes seen a few people offer the full amount early but I'm offering 3k instead of the 7k they would get if they let it run to the end of the five years so looking for anyone else had a similar result

Luckily I NEVER took PPI so they are spanking the monkey on that one at the moment and I told them so on a post it note with the last forms I sent back :-)

Actually - these PPI claims are annoying. I keep getting chased to sign and send forms back and even sign forms for claims escalating to the ombudsmen despite the fact I have never taken PPI in my life. I even told the PPI company dealing with my IVA company mass claims they were wasting their time and money but obviously I toe the line as if they want to waste money good luck to them and I don't want any excuses preventing my IVA completing...

techno1029

I was adamant I never took any PPI....i told them till I was blue in the face....they checked anyway and to my utmost shock...there was PPI added to all sorts of my accounts without me being aware!!! I was in a reasonably secure job so would never have taken it but they added it even tho I said no...its always worth checking. Even when I had to fill out many forms I was stating I never took it out...but I was wrong. Back to your original question I have seen some people offering around 20-30% of what would have been paid and been accepted. I think its all in the way you write you settlement offer. If there is a chance that your IVA could fail if its not settled by this 'gift' there is more chance of it being accepted.

adyj73

Thanks Techno

Fingers crossed then as I have an extremely robust case for a F and F - 1000's of job losses where I work just been announced so there is a great risk the IVA could fail next year anyway if I get the boot...