F & F accepted!

[ad1969]

Hi,

This is my first post to this forum, but I have been lurking around for about a year now.

I have been in my IVA for just over two years now, and owed around £70k. I was paying around £480 a month which meant I would pay back around £28,800 in total. I paid back around £11,500, and if my pay and outgoings were to stay the same, then I would be paying back about £17,300 more by the time the IVA ended. I didn't have any property, so remortgaging did not come into it.

I was offered voluntary redundancy at work with a big payout (I have been there over twenty years). After tax etc. this payout would be over £60,000.

Obviously I could just use all this money and pay off all my debts, but I wanted to use some of the money to re-train for a new career. I spoke to my IP (one of the big names that sometimes get bad press around here!) and at the end decided to offer £25,000 as a full and final.

I was really nervous thinking that it would not be accepted, but last Thursday it was! I am now awaiting the end of the month, where although I will be unemployed, I will be debt free and looking forward to re-training, and with a fair amount of money to get by on.

Because I was offered voluntary redundancy from work this helped with the negotiations. The creditors are going to get back more than they originally thought they would, and if they had declined the offer, I could just stay where I am working and sit tight until the IVA finished.

This post is just to say a few things:
1) Thanks to everyone on this forum, particularly Melanie and Andy, for all the very useful info posted.
2) Sometimes creditors will accept a f&f that is less than you may think you should offer.
3) Sometimes the big name IVA companies do work well, although if I had known about this forum from the outset I would have chosen one of the people who give advice here...
4) And finally, you should not be afraid to approach your IP! Just do your homework on the forums and let them know what you want to do. You never know it may work out better than you could have hoped for.

Thanks!
Debt free, lessons learned, happy!
[:D]

[MelanieGiles]

Well done on making a sensible, commercial settlement with your creditors and good luck with a debt-free future.

[aguise]

Well done. All the best with the retraining.
Great news.

Ang

[emma_t]

Well done, glad your offer has been accepted and best of luck with your re training[:)]

[Shining]

Fabulous news on the f&f being accepted and here's to a brand new start for you in more ways than one

[lily]

So pleased for you, must feel fantastic to have put this all behind you.

Good luck for with the retrain, and a new life.

[iva.com]

Hi ad1969, Great to hear your news and positive plans for the future. I would like to urge you to write a review of your IVA provider on the boards on our web site - if you haven't done so already.

Many thanks
Susan Macdonald