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Posted: Thu Apr 30, 2009 11:26 am
by Vickilou28
Hi everyone,
Just wondered what you think a reasonable offer would be as full and final settlement on my IVA? My partner and I have been talking about it and he said he would be willing to lend me the money if he can. I owe about £14,800 having looking at the figures on my recent variation report (I needed a 6 month extension as I got made redundant). I think my partner will only be able to find about £5,000 though....I'm in the 3rd year of my IVA (yr 3 started in March 09).
Thanks! [:)]
Posted: Thu Apr 30, 2009 12:09 pm
by kallis3
Hi,
I don't know whether that would be enough, you need to speak to your IP about it.
Usually the creditors like you to get as near to the agreed dividend as possible.
You will also need to tell them that the money is only available for a F&F and you will have to give a reason why you want it to finish early - i.e. redundancy, ill health or something like that.
Posted: Thu Apr 30, 2009 1:27 pm
by rayb
Hi,
As Jan says you need to be closer to the agreed dividend as possible, but as a guestimate I would say you would need to offer around £9-10K to make it attractive to your Creditors to conclude earlier. (£5K is very low)
Posted: Thu Apr 30, 2009 2:56 pm
by Vickilou28
Thanks Guys, I don't know if he'll be able to stretch to that amount...it would mean increasing and extending his existing loan so maybe it's not such a good idea - one of us in an IVA is enough I think!! Maybe I should just ride it out for the remaining 3 years! [^]
Posted: Sun May 03, 2009 6:20 pm
by David Mond
Yes I think that that is best Vickilou28 as you would need to find much more otherwise.
Posted: Sun May 03, 2009 7:38 pm
by s27
My F&F was accepted at £5000, I had another £13500 to pay over 2.5 years.
Posted: Sun May 03, 2009 11:08 pm
by neverending
Hi
It really depends on the circumstances, for example if your ability to pay your IVA each month was under threat [illness, redundancy, reduced hours]then creditors may well acept a small one off payment to conclude.
Only your IP can give you definitive advice.
Regards
Posted: Tue May 05, 2009 7:44 am
by David Mond
Obviously special circumstances (as articulated in another post) can make a low F&F acceptable.
Posted: Tue May 05, 2009 9:06 am
by Vickilou28
Well I was made redundant in December 08 and I'm finding it really tough to secure alternative employment, hence still being out of work almost 5 months later. I think I will have a word with my IP and see if the offer of £5,000 would be good enough for my creditors given my circumstances. Do you think creditors will be a bit more lenient due to the current climate?
Posted: Tue May 05, 2009 9:08 am
by David Mond
Possibly and 5 months out of work should attune their minds to your current predicament. Have a go and see what happens.
Good luck.
Posted: Tue May 05, 2009 9:09 am
by Vickilou28
Wish me luck!!
Posted: Tue May 05, 2009 9:21 am
by Vickilou28
Just one more question...I'm going to email my IP now...what sort of thing should I write?
Posted: Tue May 05, 2009 9:42 am
by David Mond
Explain all about you particular circumstances, how many jobs you have applied for, how many interviews you have attended, the type of work you have been applying for, the current financial situation of your home and household etc etc. Any health related issues.
Posted: Tue May 05, 2009 1:06 pm
by Vickilou28
S27... What company are you with? How long did you wait for the outcome?
Posted: Tue May 05, 2009 1:17 pm
by s27
Proposed the offer to IP early March, variation meeting was late April, agreed first time. Currently waiting for Certificate. I'll let you know the firm when I get my Certficate, don't want to mess anything up.