We have recently submitted a Full and Final Offer - our meeting is due next week, however I have just found out that our IVA providers have not included the personal statement I wrote in their offer to our creditors.
We have made the offer as we are self employed and business is suffering from the recession and their will be no equity available from the house now - we have struggled every month to meet the payments sraping together money from family etc.
we have also had 2 payment breaks accepted over the last 3 years.
We have been offered a lump sum from a family member - only available as F and f for IVA - it admittedly falls very short of what we still owe - however due to our present circumstances we do not think our IVA can last its course.
Being self employed it has always been very hard for us - we work extremely long hours , particularly my husband who also works nights to supplement the income from the business now.
We are both sufering from stress and anxiety needless to say! however we both are also suffering health issues - my husband is often in severe pain from Gout and is now awaiting an appointment to see a kidney specialist.
I am awaiting the results of a scan but have been told I have ovarian cysts (which may or may not be malignant! fibroids and gallstones!! - I was hoping I may have known more before the creditors meeting but am still waiting - (adding to the anxiety of course!) - whatever the outcome of further tests and scans it seems highly likely that at the very least I will require surgeryin the near future.
Our IVA provider have supplied a very brief outline of our financial difficulties but when my husband phoned to ask why they had not included he personal statement relating to ill health and the stress on our marriage and family life (we have a 9 year old that hardly sees his father!) - they said the creditors would only be interested in facts and figures!!
I think this is missing half the reason for offering a full and final now. Are they correct? Sadly it would seem too late now either way?
Sorry to hear about all of your problems and I do hope you get yourslf sorted out soon.
I think your creditors should have put the reasons forward - they normally want to know why a full and final is being offered.
I don't know whether it is possible now, but I would insist that they did send these details forward. It can only help your case.
One of the professionals will be along later with further advice.
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
Hubby's IP didnt tell his creditors the reasons he wanted to settle early. However, he did recommend they accept his offer.
Any that wanted reasons asked on the day of the meeting and his IP then told them so i wouldnt worry too much. If they want to know the ins and outs they will ask. Perhaps they will just be glad of getting some of their money back early.
Many thanks for your replies - and your kind thoughts Kallis3
I suppose I am more concerned because its not a great offer - but it is the very best we can offer.
Mrs Skint - I wasnt aware there would really be any interaction like that between creditors and IP, I thought it was basically that they read the paperwork and simply say yes or no.
Although ours is a very high and complicated case we have never spoken to our IP- in fact we've had very little contact.
As you say tho - they have put foward the offer and recommended it so hopefully there is a chance - Otherwise we may have reache the end of the line.
They do usually just send a yes or no vote unless there is and added information they may need. Then they will contact your IP and ask. Thats what they did with hubby.
It's pretty much the same as a normal creditor meeting.
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
Your IP will have summarised the facts as they see best - so trust them to do the job they are being paid to. If creditors do reject the offer, you can insist that they circularise the personal statement, but this is unlikely to be necessary.
Thanks again for the reassurances - Our meeting is actually tomorrow!! - My brain is in such a fog at the moment it is hard to concentrate on anything....So its too late either way.
Good luck and keep us posted as to how you are getting on.
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
