Currently left owing: £8680.70 - paying £482.00 per month. We would like to make a F&F in January 2016, by which time we will have made 4 more payments - leaving the balance at £6752.70.
My husbands mother has offered us £2500 - assuming we made the offer mid Jan, we would have to pay Jan/Feb/Mar payments before a decision would be made (I assume, leaving £5306.70 left to clear.
Do you feel an offer of £2500 in January would be acceptable or too low? I am aware that our arrangement finishes in Feb 2017 so they will save admin costs but not sure how much they are...?
This does seem low if your income and expenditure have not changed. However if your hours reduced or you became pregnant for example then your surplus income would be liable to decrease anyway so the full and final would be more attractive.
Anything you can give to your IP to justify the offer is helpful. If your husband is seeking a lower paid [but more secure] job that would be justification for the offer too. Your mother in law would just be helping out to allow him to get out of the IVA.
Creditors usually accept full and final settlements especially if there is a change in circumstances so get everything the IP needs at the time and hopefully creditors are happy to accept the offer.
A lot will depend on who you are with and how long it takes for them to call a creditors meeting which you have recognised.
Even if accepted there may still be a delay for the completion certificate (but again I stress that depends on who you are with).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I would start the initial discussions now especially given 1) their rebranding exercise and 2) on going issues linked to how they are managing PPI.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I have to say I feel the current offer might be on the light side without a change in circumstances. I would also add that, as it appears from recent posts, GT are becoming reluctant to put Full and Final offers forward without good reason ( in their eyes). Start talking now and see if you can get them on side.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Emmie - not to be a Debbie Downer but I agree with Foggy that creditors may feel this offer is a little low and would probably want an offer in the region of c£6k. Best of luck.
