Unforunately my joint IVA failed a few months ago, 2years in.
We thought we were facing possible bancruptcy.
A family member has given us a lifeline, by offering to give us a sum of money for a full & final.
We have written to all our creditors just over a month ago. To date we haven't heard anything from any of them. Is this usual?
We have 13 different debts with 5 creditors.
Our IVA would have paid a dividend of 27p and the F&F would equate to 19p.
The only letter we have had is from Black Horse who we owe the least to, approx 1.5% of the debt. But they are just chasing the debt, not responding to my letter.
At the original creditor's meeting for the IVA all of the creditors voted in favour except 2. One of those being Black Horse. They were stated as Invalid/No Proxy. Can anyony shed any light on what this might mean?
Last edited by carrie on Sun May 06, 2012 11:19 am, edited 1 time in total.
Hi carrie,to make a full and final offer you need to go through a IP company to get one proposed for you.You could either try the one you were with or contact 2 or three more for some advice about the chances of the offer being accepted.
Thanks. I wasn't aware of that. I used a template I found on a debt site on the internet. It was a generic one.
I will need to speak to some IP companies. I suppose they will take their cut, but that will reduce my payment to the creditors.
I still can't understand why all bar one have not contacted me regarding F&F or my debt. Is it possible that some of them might have written off any of the debt, and if so how would I find out? Would a credit report show anything useful?
You can offer a settlement to each of your creditors without going through an IP company but it is best to go through one.
You could try your original company to see if they can help you.
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
Thanks Kallis.
Called a couple of times to previous company, but didn't receive a call back. Although a helpful lady did email the breakdown of what had been paid back to creditors during IVA. The letter I sent was very professional, but I did feel at the time, backing from IP might hold more weight.
Hubby seems to think it's best to wait until the creditors contact us. But I just want things over and done with. Even if that's going down bancruptcy road.
I suggest that you do something sooner rather than later - your creditors will contact you again and it's better to get it sorted now if you can so that you can move on.
Speak to another couple of companies and see if they can help you out.
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
Because your previous IP holds all your details,it would be easier if not quicker to propose a offer for you,but if they arnt being very co-operative with you it may be best to contact another for some advice.
You don't have to offer the money via another IVA, but it might be safer and quicker to do so. Either use the firm who previously acted for you, or look elsewhere. It is pretty easy for a new IP firm to pick up the threads of your case, and present an offer for you fairly quickly. I am sure that creditors would snap your hands off, and at the end of the day you have the comfort with an IVA of knowing that they cannot change their minds at any time.
Thanks. I may try my previous IP as they were really efficient when IVA was set up.
Melanie - are you saying a new IVA could be set up? Would it be done through monthly payments or would F&F be a one off payment and IVA is then finished?
Thanks Carrie
The full and final would be just that - once you'd made the payment then the IVA would be finished, no monthly payments at all.
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
I can recommend Melanie's team. They were very helpful and I received my certificate of due completion in April this year.
I had been trying to deal with my creditors directly, like you are now, but things became a lot easier once Melanie's team began dealing with my creditors.
I highly recommend Melanie's team for their professional, friendly, non-judgemental approach.
regards
st75
Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
Feeling really low tonight. Spoken to an IP who feels as there is disposable income the creditors would not accept full & final.
They said creditors would want us to enter into a new IVA. That would mean we are back to square one. We have already done 2 years, another 5 plus a possible 1 year if there is no equity to release would mean 8years in total.
Offer from relative wouldn't be there if this was to happen.
Last 2 years have been a real struggle and I have suffered with depression.We are really unhappy in our house due to proverbial neighbours from hell.
I really don't think I could cope mentally if we had to start a new IVA.
