Full and final

[r_l]

Hi there, i need some urgent advice.

my father - bless him, has agree to pay for my entire wedding next year, well as we were discussing finances he was horrified to discover i was in an IVA. id discussed with my mother and as much as i had pleaded her to not discuss with my dad, i always thought she had. well. my father sees it fit that as my husband 'to be' has brought 'our' house, my car and pays for pretty much everything- that he should give me a good start in life and clear my debt.

well i could cry with joy. the problem is my father wants to know a figure. I rang the company today to obtain. My original proposal was to pay back at figure of £16500, (£275 @ 60months) - well due to pay increase my payments moved to £300 a month.

I made my first payment in november 05 and finish nov 10. My IP has told me i would have to pay £9589.00. my offer (i think) was 0.50p to the pound. My ip told me this sum would be adjusted slighyly as fees for them would be decreased. but he could not tell me how much.

My father im sure was thinking around the £7500- £8000 mark. do u think i would be able to make a propsal of this to creditiors and this maybe accepted?

Any advices are welcome and really appreicated? im have got to tell my father this afternoon. i know that my IP is the best person to help but to be honest he wasnt that helpfull simply saying that its up to me how much i offer, he couldnt advise whether it is a good offer or not? XX

[MelanieGiles]

I think that you need to go with your IP's advice on this one, as they are the people who have to put their name behind the revised offer.

[r_l]

I think that you need to go with your IP's advice on this one, as they are the people who have to put their name behind the revised offer.

Hiya melanie, thanks for the advice.

I get the feeling that they dont seem to be intrested in helping me settle early. theyve been great up until here. I mean theyve told me thats the amount o/s but i can offer what ever i want? theyve not advised me what would be a good/bad offer.

He didnt even mention that there would be a deduction on fees, until i asked him.

i hoped someone on the forum would be able to give me some sort of advice, for me to approach my IP with a sensible offer. and also give my dad an idea.

thanks. x

[Adam Davies]

Hi
You have paid half,approx,£8k.
You have 8.5k left to pay and will save two tears IP fees,approx 2k.There will be a variation fee of approx 1k so I suggest offering 7.5-8k.Your father is spot on !!
State that your father will only loan the money if it is used to conclude your IVA and that your disposible income will be used to repay your father.
Insist that your IP puts your variation proposal forward
Good Luck

[MelanieGiles]

I concur that Andy's calculations are a good starting point upon which to base your offer.

[r_l]

thank you so much for your advise, i have taken on board what u have said. Yesterday i wrote to the company and advised i am offering £7800 to clear the debt. i made it clear, as andy advised that my father was offering the money to pay for this only and i would then be paying my father with the disposable income.

how long do this processes take from here onwards. i was told that they now put a report together and write to all the creditiors advising what i have offered. i take it they have to vote yes or no? are there any timescales involved and i assume i have to carry on making my monthy payments until this is agreed?

many thanks again for the the advise thats been offered up until here. This web page has sure kept my sanity throughout the whole of this, and it made me realise i wasnt on my own. thankyou x

[Adam Davies]

Hi
You need a 75% yes vote on the date from voting creditors,pro rata to debt held.
Carry on paying your IVA until the creditors meeting
Good luck and my monies on a resounding yes vote
Regards

[r_l]

thanks for the messages... i have my fingers crossed for us both dots- the sooner this is behind me the better. I feel all nervous - lol

What ever happens im still going to keep looking at this forum. ive recomended it to a few people, my only wish is id found it earlier!

[jpj]

I was given a full and final figure, it then took 6 months to organise my full and final meeting, in that time i paid 6 more payments. I had the figure reviewed downwards several days before my full and final paperwork went out to creditors.

[MelanieGiles]

Not on the numbers,Gordon, but it should not take that long to put forward the offer, and I do feel that contributions ought to be maintained in the meantime.

[jpj]

I admit my 6 months were exceptional time periods, But trying to get final figures out of several creditors was like getting blood out a stone!!
As Melanie says, it should be weeks,not months!

[r_l]

well as ive put forward my offer on thursday- ill keep you all posted on how long this will take. to either accept (fingers crossed) or reject. x