www.iva.co.uk

Hi everyone,
I have a question; I'm hoping someone knows about this.

I have been in an IVA for 10 months. My father has offered 18,000 as a full and final settlement. My IP has told me that although this is a reasonable offer, they cannot put it to my creditors as I agreed when the IVA was set up that there would be no variations in the first 24 months. Surely, if my creditors get the agreed dividend back after IP fees are paid, this should be considered. Can anyone help with this?

Thanks

Jess

i think some have mentioned that they havent been able to offer F/F offers in the first 2 years...does it say this on your paperwork. x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

Hi Jessica
Yes a lot of proposald have this modification. I dont know if the IP can speak to the creditors and put forward your offer as I agree it would be better for them to get their money earlier rather than later.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi
If this will result in the creditors receiving the original dividend then I would insist that your IP puts this forward,it's madness not to.
Speak again with your IP and state that you will pay upfront for the variation meeting if need be[maximum of a £1000],I'm sure that will change their mind.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

Dear all I have been in IVA since July.

My fixed rate mortgage is coming to an end in March.As I have a mortgage for 250000,I am worried that my mortgage payment will be up significantly.I am paying 1037 as interest only mortgage.

With that in mind I was trying to initiate a future possibility of F&F.As I have to grown up sons in reasonably good employment,I have asked them to give me twenty thousand pounds each in about 12 months time.If I can persuade my IP,I can also down size,selling my house and raising money for F&F.

Over 5 years I am supposed to pay about 71000 pounds.A minimum of 29p in the pound is obligatory witha clause of 4th year ramortgage.

Has any one any any suggesions how an IP can be persuaded for a F&F in about 12 months.

Hara

I would agree with Andy ... you should have a right to ask for a F&F settlement to be offered. The cynic in me wonders if there is some concern that the IP wont get their full fees in settling early [:(]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Thanks everyone for all your advice. I will get in touch with my IP first thing Monday and try again. Fingers crossed, they'll put the proposal forth this time.I'll offer to pay for the variation meeting upfront and see where I get with that.

Thanks again.

Keep us posted Jessica ... let us know how you get on, we all educate one another here! [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Hara
Did your IP build in any contingency for your mortgage increase ? If your payments jump up the this will need a variation meeting to reduce your IVA payments,it could be the time to discuss down sizing and offering a F+F
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

Dear Mr Davie,

No contingency was built in,it was something that dawned on later.

I suppose I was too busy worrying about IVA.

Do you think they will agree for a variation meeting?

I feel most of these proposal are written by junior staff with a cursory glance by IP.

Firm represnting me is GT and my IP is Mark Allen,Who I have never spoken to,even on phone!

It is usually some one junior I speak to.

Hara.

I ALWAYS fax my IP a letter, ask for a written reply,and say I will follow in a few days with a call!...that way they cant fob you off and tell you anything just to get you off the phone.and you dont deal with the office junior!!....

A phone call is easier (especially when your worried) but black and white on paper is safer![:D]

I think that's wise advice Jessica ... always good to do things in tripilicate [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Hara ... I just wanted to say that this thread of having to try to convince IPs to offer a full and final settlement on one's behalf concerns me. I am sure the IVA experts will put me right on this, but surely the idea of and IVA is to morally address one's debt. At the time the the IVA is set up one's accounts are gone through stringently and an affordable offer is made based on your circumstances at that time (your 29p in the £1) ... but life changes, circumstances change ... children grow up (by the way, any tips Hara on how to get your children to give YOU money, as it always seems to be the other way around for me [:D]) and I don't see why, so long as one is able to offer the original dividend that was agreed by creditors that one should have to try to convince one's IP to do this sooner rather than let the IVA run it's course. Surely it's in everyone's interest to settle early if possible?

Am I missing somethign here? (accumulated interest for the IP or something?).

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Dear Soulgrowth,
My first wife died in a car accient,I looked after my two sons for a number of years,educatd them and they are in good positions.one went to oxford and other to a London college.I had to finance their education,because of my earnings.

One is in Canada and the other in holland .

I have mentioned about F&F and asked each to give me twenty thousand pounds.I feel they have a duty to do that.

I am remarried and have two young childre of 13 and 12.

Also my second wife looked after my two sons from previous marriage.

For me things were difficult before and now it seems worse.

I strongly feel that my sons will have to help now.

Hara.