Full and final settlement advice

edited 30 November -1 at 1:00AM in IVA & DRO
1 reply 1K views
caz2007caz2007 Forumite
13 Posts
Part of the Furniture Combo Breaker
edited 30 November -1 at 1:00AM in IVA & DRO
Hi looking for a bit help

I have an IVA and started 02/07/14 and pay £127.37 a month for 46 months then £302.76 for 13 months total payback of £9794.90

So far I have paid £ 1655.81(including payment due this week ) so have outstanding balance of £8139.09

My question is my dad has offered to pay a lump sum to settle the IVA for me of £6500which is about 80% of my outstanding

What wud be the chance of this wing accepted ? Anyone know


  • Hello Caz2007, unless you are having difficulties in paying or there is a change in circumstances you really need to be offering the full amount or very close to it.
    Its true that creditors would like the amount paid off early however that is a shortfall of £1639.
    Do you have good reason to settle or is because you just want to be out of it?
    The process will take upto 3 months to arrange the meeting so take 3 months repayments into account.
    When speaking to your provider you will be asked for information on why you want to settle along with an income and expenditure appointment followed by house valuation.
    Hope the above helps
    Never make assumptions always ask questions>>>>>;)
This discussion has been closed.
Latest MSE News and Guides

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides

Cinema MoneySaving tips & tricks

Including year's 2for1 movies for £1

MSE Deals