Drafting a Settlement Letter

[daveb]

Hi,

I am currently thinking of making a full and final settlement offer. However I have had no assistance from my IP, as I was told they would not take personal calls, and do not give suggested amounts. (Not very helpful)

Although I have had some good advice from this forum and I am preparing a settlement letter to my IP. Do I need to go into detail about how I calculated my offer, such as supervisors fees saved etc, or should I just put forward the offer on its own, as a best offer?

I am really desperate for this offer to get accepted, so any other advice would be appreciated.

[caraf]

which company are you with ?

[daveb]

I am with Accuma

[iva experts]

Hi Daveb,

Sorry to hear that you are not having much success with your I.P, maybe you could post what offer you were considering for a F & F settlement and the amount you originally owed?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[daveb]

Originally I owed £24,265 into the IVA giving a 44p in the pound dividend to creditors. I will have made 20 payments amounting to £7040, and ending early should save around £4000 in supervisors fees. So I am offering £13,000 as F & F settlement, to ensure creditors get around the 44p agreed.

[Adam Davies]

Hi
You do not need to show your working out,your IP will check that the offer is suitable.
You can use this letter as a frame work if you wish


Dear Sir/Madam
Further to out telephone conversation I would like to formally offer a lump sum payment of ???? as a full and final settlement of my current IVA.
I am expecting my first child[or other reason] ???? and this will mean that I will be unable to maintain my current IVA payments due to loss of income.
As agreed I will continue to make my monthly payment until ????? and then offer the lump sum and conclude my IVA.
The lump sum of ???? is coming from my mother[state source ????] on the understanding that it is only available if used to conclude my IVA and any disposible income that I have after ???? will be used to repay my mother.
Would you please arrange a variation meeting and put this offer to my creditors.
yours sincerely

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

So long as your offer is giving the same dividend as was originally offered, I would look at that favourably if I were your IP.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[daveb]

Thanks Andy that has been really helpful.

Also would you think that the offer is reasonable? considering if I do not settle early, my future monthly contributions are likely to fall?

[daveb]

All your help and advice has been very much appreciated. It's good to know your not out on your own, as the whole situation can be quite daunting at times.

[Adam Davies]

Hi
glad we can help.
It looks a good offer and explain that your income may reduce in your letter.Also check the variation proposal and make sure that it reads well.
Creditors like full and final settlements
Good Luck

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Cybus]

Hi,

I am currently thinking of making a full and final settlement offer. However I have had no assistance from my IP, as I was told they would not take personal calls, and do not give suggested amounts. (Not very helpful)

Although I have had some good advice from this forum and I am preparing a settlement letter to my IP. Do I need to go into detail about how I calculated my offer, such as supervisors fees saved etc, or should I just put forward the offer on its own, as a best offer?

I am really desperate for this offer to get accepted, so any other advice would be appreciated.

Can I also suggest that when you get a spare moment, you pay a visit to this site and leave Accuma some feedback. It's appalling that you have received no advice in this respect from them.

http://www.iva.com/

Tell it like it is.