Help!! Full & Final Settlement Advice.

[Beau77]

I am currently paying £300 a month into an IVA, month 27 of 60 so I have therefore paid £8,100 into the "pot". My first baby is due on 18th December 2009 & a member of my family has generously offered me £9,000 to pay into the IVA on the condition that it is used for full & final settlement....I would not be able to continue paying £300 a month into the IVA once I have gone on maternity leave (2 weeks time) & the contribution would reduce dramatically so to avoid any further stress/anxiety a F&F settlement would be ideal.

After previous lower offers my IP suggested that the sum of £9,000 should be offered, which I have done today, & was then told that this may still be unsatisfactory??? Little concerned & very worried about it, considering I am 32 weeks pregnant I could really do without the stress!!

Does anyone have any advice/suggestions???

[MelanieGiles]

Assuming that your IVA was set to run over 5 years, I think that the offer is a good one and would put money on it being accepted. Tell them this is your final offer and that you cannot pay any more, and instruct them to put the offer forward as is your right.

[MRBLUESKY]

hi beau i think your offer is excellent,my offer this year of £8,000,with remaining payments of £10,260 got a %100 acceptence vote at creditors meeting.merry xmas to you and new baby.

[kallis3]

Good luck Beau, and hope everything goes ok with you and the baby.

[Beau77]

Melanie, thank you for your advice. I believe it to be a good offer so was pleased to see that you thought so too. I am currently waiting for IP to get back to me, I must admit that I was under the impression that they had the final say on whether the amount can be put forward to creditors I didn't realise it was my right for this to be done.

Thanks all for your responses, I feel more positive about the offer ....but not about child birth!!!

[Shining]

Hi Beau77 welcome to the forum and the advice given above as usual is excellent, good luck with the birth, I've got 4 so it's not that bad!

[seagull]

Hi Beau77. I got the same advice from the forum with regard to it being your right to put forward what you think is a reasonable offer. I felt much more empowered after receiving that advice here and you will be amazed at how quickly things happen once you take a more assertive role! I found that my IP was someone I could feel was on my side rather than a "dictator!" I've paid 444 per month for 42 months and am offering 5000 in full and final settlement, meeting on 28th oct. and it's looking favourable that it will be accepted so sounds like yours is a good offer especially in the circumstances.
All the best for your F&F and also with the baby.

[MelanieGiles]

Good luck to you too Seagull, and so glad that the forum has helped you along your journey.

[seagull]

Thanks Melanie. Journey is a very apt term. I feel that the journey has been a long one,pre-dating the IVA and leading to it, and will continue now, but with a far more educated attitude towards money and budgeting.I have learned so much along the way albeit that life has been very stressed at times.
The forum has been an invaluable resource and I only wish I had found it sooner.
My meeting is next week and my IP seems hopeful of a positive result (she says that although technically they can still change their minds up to the meeting,she has received enough proxy acceptances from creditors already for it to go through, so fingers crossed). I won't assume anything until I hear the result, but it's looking good and I will,of course post the result on the forum as soon as I know.
Thanks again for the help,support and advice.
Seagull.

[MelanieGiles]

Best of luck - and it seems that you have a good IP behind you. Remind me which firm you are with?

[kallis3]

It's Sue Casey at JC Casey, Chichester Mel.

[Beau77]

Hi Seagull, thanks for your response & best of luck with your F&F ....it sounds promising.

I must admit that I do feel like I have to fight my IP at times & am still waiting for them to respond re the £9,000 offer, I have received really positive feedback about the amount & if my IP is negative again (even though they suggested that amount) I will be much more assertive & insist that it is offered to creditors.

I have everything crossed as I am frightened what the future will hold if they reject the offer.

[Beau77]

Just had a phone call from my IP confirming that they are going to put the offer forward to my creditors, that must be a positive sign???

She said the Repayment Team would be in touch within 48 hours to go through process & timescales etc.

[MelanieGiles]

Well done to your IP for seeing the commercial sense of your offer. Do let us know how you get on.

[MelanieGiles]

Well done to your IP for seeing the commercial sense of your offer. Do let us know how you get on.