www.iva.co.uk

I recently put a full and final settlement into Park Motor Finance as my HP agreement is coming to a end on 15/02/09 and I wish with the support of payplan to pay them a reduced amount of about 60% of the debt.
I have still not received any confirmation either way as to if they would accept it,could anyone advise is this the norm to wait for companies like Park to respond.STORM stated that they are now only a collection agent mopping up the remaining agreements but from my experience with them have found them to be very agressive and not cooperative in any way.
If they dont agree to settle then my payments to Payplan from march on would have to be reduced and that concerns me,as I would have to pay £900 which would still be owing to park if they didny agree to the settlement.
Has anybody in the forum ever been in this situation and what has generally been the outcome.Thank you again.[:)]

Presumably you have been making full payments into your HP contract to Park Finance. If so why cannot you continue with another 3 until it has ended? The HP Agreement will state what happens if you don't make these final 3 payments and Park presumably might enforce that. Is the vehichle worth more than the last 3 payments?

David - The vehicle is worth just £950 and yes you are right I could just make the last 3 payments no problem - but over a year ago I agreed verbally with them that I would be an extra £69 on top of my HP payment to clear some arrears and late payment charges which had occured previously.This amount of £69 would allow everything to be settled in full by 15/02/09 then the payments made to Park would go to the IVA from March 09.
However I recently received my first annual statement from them in 4 years which showed a figure of an extra £900 I owed them which they have never told me about before.I of course am concerned due to the fact that my payments to the IVA are watertight with regard to our budget and any extra amount I would have to pay from march would put my IVA in danger of failing.
This was the reason I contacted Payplan to advise of this full and final offer of £900 (60% of the total debt).
Which is the norm for Park they havent responded and no doubt will just send some legal letter stating that they know I am in an IVA and am entitled to reprocess the vehicle even though I have paid over 50% into the agreement.
Hope this reply makes sense.Living the dream as always.....

You need to establish how these arrears came about and to check that they are right - then have a chat with PayPlan and see what they suggest.