Page 1 of 2
Posted: Thu Dec 15, 2011 11:38 am
by Scott.1
I am moving back into my owned house (which has no equity) due to family reasons and this will reduce my ability to pay iva from 316 to 240 per month. outstanding is 16k and only 9mths into iva. family want to help by making an offer of 11k but ip reccomend 12k. my family have a limit of 10k but will find 11k, but cant find 12k. this has become quite stressful in trying to complete iva and move on. Any advice on what we can do?
Posted: Thu Dec 15, 2011 11:46 am
by Tina Shortland
Hi Scott,
If £11k is the max your family can rasie then your IP is duty bound to put that forward and hopefully will do everything can to put a strong case for you. If its not accepted could you carry on but extend the term?
Regards,
Posted: Thu Dec 15, 2011 12:06 pm
by Adam Davies
Hi
I am pretty sure given the changes that your offer will be accepted.
51 payments of £240 are £12240, there will be a saving on IP fees of approx 2k so 11k seems spot on for me
Good luck
Regards
Posted: Thu Dec 15, 2011 12:08 pm
by kallis3
Good luck Scott - hope you get it accepted.
Posted: Thu Dec 15, 2011 1:28 pm
by plasticdaft
How many times will we hear of insolvency firms being asked to put forward a F&F only for the client to be told its not enough creditors wont accept that,go find some more???
Paul
Posted: Thu Dec 15, 2011 5:37 pm
by MRBLUESKY
Hi Scott why not offer 2 monthly payments on top of the lump sum,put it in writing by the time the offer is accepted you will have made the 2 payments.
Posted: Thu Dec 15, 2011 8:00 pm
by Broke of London
Good luck xx
Posted: Thu Dec 15, 2011 9:37 pm
by DebtlineUK
As "MRBLUESKY" suggested this should be possible if the offer is declined, your IP/Creditors may also accept to vary your IVA if the 11k cannot be permitted as a full and final but a part settlement to adjust your IVA term/payments.
But looking at fees and your estimated debt level upon starting the IVA your proposal is generous. Best of luck.
Posted: Thu Dec 15, 2011 10:40 pm
by MelanieGiles
By the time the report has been drafted and the meeting called you will probably have paid a further £480 into the IVA in any case, so I am sure an offer of £11k will be acceptable.
Posted: Fri Dec 16, 2011 12:36 am
by Broke of London
The professionals seem unanimous which bodes well for you! Let us know how it goes xx
Posted: Sat Dec 17, 2011 6:30 pm
by luluj
I agree with the experts - £11k is a very reasonable offer and you have circumstances to support - good luck and let us know how you get on !
Posted: Mon Dec 19, 2011 1:40 pm
by Scott.1
thankyou for all your advice. i will keep u updated. happy xmas to you all
Posted: Thu Dec 22, 2011 3:06 pm
by Scott.1
thank you for all advice. IP has said will put forward offer of 11k with 2 payments which will be made between now and creditors meeting. fingers crossed..........
Posted: Thu Dec 22, 2011 3:07 pm
by Shining
Fingers crossed here too. x
Posted: Thu Dec 22, 2011 3:08 pm
by kallis3
Everything crossed for you.