Full and Final Settlement

[gaborkiraly]

thanks everyone for your help and nice comments

[freelili]

Good luck hun and do let us know how you get on..

[gaborkiraly]

thanks freelili i will let you know how i got on anyway just a quick update i owe just over 14,500 and we are going to start with an offer of 10,000 as a full and final settlement so is this a good offer?

[irish_ram]

Latest update on mine is I have sent the Variation Document off and am arranging the funds ready for hopefully when its accepted

[kallis3]

Fingers crossed Irish Ram!

Gabor - you can put this offer forward to your IP and see what they say.

[David Mond]

Great news Irish Ram - let us know how you get on.

[Skippy]

Good luck Irish Ram and Gaborkiraly x

[irish_ram]

Cheers people,

Okay a bit of an update that I just wanted to check there wasnt anything wrong.

I got a call from IVA this morning and left a message saying they had not received documents and the longer the variation meeting takes to arrange my IVA could go into default.

So, I rang them back and said i had only posted Documents on Friday evening so should be there this morning at some point so they said fine. I then asked them why my IVA would default as all the time while I am arranging F&F to completion if accepted, I will still be paying my monthly payments, she said okay thats fine.

So I presume it is okay, but just wanted to check on here that aslong as keep payments up while F&F is being looked into, there is no reason my IVA could default. I dont think there is but wanted to check?

Cheers

[kallis3]

As long as you keep up the payments, then your IVA won't default.

[irish_ram]

Cheers kallis, I thought so but just wanted to check.

Okay, I have not heard anything back from IVA yet but unfortunately we may have hit a snag which I am hoping we can sort out.

However, the problem is, for certain reason, the money coming from my girlfriend to pay the IVA F&F if accepted could be delayed until maybe end of June time. Now there is a good possibility this wont happend but if it does, I am worried what to do now.

I dont want to ruin or put doubt on the IVA, but also dont want it to go ahead without saying anything and then its accepted and I dont have the funds ready.

So what is the best course of action, tell my IVA that this could happen and ask them to put the offer in for june time instead of march?

Any help appreciated, I dont want to get this far and it all go to ruin because of a cfew months

[kallis3]

I think you should inform your IP and tell him that you may not have the money in March.

Usually I think they require the money straight away, so perhaps it is better to wait until you know the money is there before proposing the F&F.

[irish_ram]

Cheers kallis3,

I think I will inform IP, but I have already sent off the document for them to arrange the Variation Meeting, so I am thinking if the ball is in motion and i now ring to say that I might need to delay it till end of june, then it might put the whole thing in doubt as if they have informed crediters of meeting and then re-arrange, the crediters will have a big doubt I can actually provide the money

[kallis3]

The only problem is what happens if the money isn't in place in time? I really don't know if it makes any difference or not. One of the experts will probably come on and tell you later.

[David Mond]

My firm will only do a F&F when we are certain that the funds are either in place or there is certainty of receipt of them. In Irish rams case the variation should not be done until it is certain that girlfriends money is available - not to have to wait until June. My advice is to delay the variation until May time and keep monthly contributions going.

[irish_ram]

Cheers David,

I mean in our circumstances I will likely be doing that. What I wanted to get a hold on, even thought no one apart from my IP can be certain is, what effect will it have me ringing and saying cant go ahead with it till end of june.

Mainly how will it affect my IP and IVA or will they just take it as nothing as I am still paying monthly payments and its just been postponed or could they cancel it and say I have delayed once and not willing to go through it again.

Secondly if they have contacted my Crediters already, what sort of affect could it hav eon them as in they are then rang to say, Variation is put off as funds not available yet, so they might get sceptic over it