we have been in touch with our ip about offering a full and final to end my wifes iva.
the proposal is expecting £4408 over the 5 year term and she has paid in £735 up to now over the last 9 months.
they say it is possible to offer a f@f but cant advise on what figure to offer as thats down to us.
we must come up with a figure and get back to them.
the money will come from our son who is leaving home and he has offered to pay his mums iva off to aleviate our loss in income with his board going.
so as it stands at the moment she has £3673 left to pay over the remainder.
they say we can propose a f@f but do we offer the full amount or is there a bit of leeway here.
she only has one creditor to ask by the way.
any input would be appreciated.
at least i know we can make the offer now
cc received 6th January 2014 now upwards and onwards
The IVA payments and debt seem very low for an IVA especially if there is only one creditor. However, if this is the case and the IVA has been running such a short time I would be inclined to offer about £2,000 as the IP fees will be substantially reduced due to the shortness of the term. Also if only one creditor has to agree it should be easy to gauge their reaction to a full and final before settling the IVA.
thankyou michael for your input.
yes it was only one creditor(lloydstsb)and i think they had taken into account my own iva in the process.
we are very gratefull to our ip for getting hers through as it helped enormasley at the time.
original debt was £14500 so thats what we started with.
our ip will propose our f@f but just didnt give us any incling as to what sort of figure to put forward.
how does the ip gauge what would be acceptable to the creditor
cc received 6th January 2014 now upwards and onwards
The IP should really gauge the circumstances of the offer, and the change in dividend to the creditors. If there is a genuine reason why you would struggle to continue (in your case, the loss of income from your son) and the drop in dividend is not too drastic, then the IP will probably put it forward.
I agree with Liam that there it certainly helps to have a reason for early settlement. Your IP could ring the agent who votes for Lloyds and ask them before going to the expense of actually calling a meeting. the agent would have to vote for the full and final to be accepted so it would be worth speaking to them beforehand. If the dividend is dropping slightly it should not be a problem but to get as near as possible to what was on offer would obviously increase the possibility of acceptance.
thanks for the info
as its not my money we are talking of spending just thought id ask.
have learned a lot of stuff off you guys and this is my first port of call before jumping in with both feet to my ip with every little query.
was thinking of about £2500-£3000 as i dont want to be knocked back at first attempt and cost my lad more money.
like i say the ips on here know far more than us on how the workings of these things go
cc received 6th January 2014 now upwards and onwards
I think that it was a very odd IVA in the first place for one creditor with just one amount of debt, so if you can settle it early that seems to be a good idea. Where are the settlement monies coming from?
hi melanie
as from my post my son has offered to put the money up depending on how much is reqired.we have asked our ip if its possible and she said yes and to let her know what we had in mind which was what i was trying to asertain what we should be looking at to stand a realistic chance of being accepted
cc received 6th January 2014 now upwards and onwards
hi back on track include two months payments on top of the offer that will take care of the timescale to get it accepted, and it will also improve the offer,you would have payed the payments anyway,so best to hi-lite them in your offer,once you put the offer in your ip will fine tune it to get it accepted.you should,nt have any problem with lloyds they were my largest creditor and voted yes to my iva,and yes to conclude it with a full and final offer 3.5 years later.good luck.
well ronald im gonna try and offer £2500 including the next 2 payments to my ip and see what she says from there.
this should be a good starting point at least,but as its not my money we talking about would love to think £2000 would be better
cc received 6th January 2014 now upwards and onwards
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
