Iva & f&f?

edited 30 November -1 at 1:00AM in IVA & DRO
4 replies 657 views
Sars49Sars49 Forumite
67 Posts
edited 30 November -1 at 1:00AM in IVA & DRO
Hi again, What is Full & Final Payment with an IVA & how does it work?:o

Replies

  • Hi Sars49,

    A full and final IVA is where you pay one lump sum rather than 60 monthly payments, this is only an option if you can have access to a lump either now or within a certain period of time.

    These are often preferred, creditors get their money much faster, the IP gets to close a case and you clear your debts.

    If you propose a F&F - the creditors meeting is held, if approved money paid across, creditors claims approved, money paid out, any PPI will be investigated and case closed.
  • Sars49Sars49 Forumite
    67 Posts
    Hi Anon, Thanks for that, what would happen if money came to you in the future, could you still do a F&F or does it have to be pre-arranged before you start an IVA?

    My sister is selling some land & has said she will share the proceeds between the family, when & IF is impossible to say.

    Thank you again.
  • If you know you can access a lump sum in the future, it can we written into the IVA proposal that monies are due in before the 12th month of the IVA (for example). If you do not know you can raise a lump sum you should not enter into an IVA as it could fail and end up in the same position in the future.

    An IVA provider should require proof of the money and where it is coming from and ID from the person providing the funds for money laundering purposes
  • Sars49Sars49 Forumite
    67 Posts
    Great Thanks.
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