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Hello. Just to ask if it is likely that a f&f offer will be accepted at about half of what there is due to be paid back? If not I think we may face bankruptcy. So scared. Thanks

HI Lil.11 and welcome. Do you mean 1/2 of your origional debt thus a 50% dividend or 1/2 of the amount due from letting your IVA run the course? Do you have a min required Dividend or an estimated listed in your IVA? If your having difficulty with your IVA speak to your IP they may be able to help with a payment break or variation meeting depending on your sciario requirements.

Hi Lil.11 welcome to the forum.

Easy to say but try not to be scared. You have come to the right place to get the best help and support. Can I clarify - are you in a an IVa and looking to settle early or are you looking at sorting your debts and you have about half of what you owe that you can offer as full and final? Either way, yes it is possible - if you are in an IVa then settling early can happen as long as creditors can see there is good reason for the new proposal. If you are not then offering an approx 50% repayment is a good offer - depending on your disposable income situation. You will understand more when you have a chat with a couple of companies and look at your whole situation and see what is best moving forward. There is no reason at all you should need to go BR if you have a lump sum to offer creditors and it is the best you can do.

Are you already in an IVA Lil.11, or are you merely considering how to deal with your debts?

Sorry. We are in month 23 of an IVA. Our income would now be too low for even a variation so we definitely need a f&f. If not we will have to go bankrupt.

It will fall down to pounds and pence, Lil.

If the lump sum you can offer provides a better return that bankruptcy will (and it sounds as though BR might yield very little if your DI is very low)the creditors will give it serious consideration.

The full and final settlement you are offering should be similar to the amount of payments you may be able to make with a reduced disposable income. How much disposable income do you think that you now have?

It is being dealt with ATM by the company as we are minus by a substantial amount every month. Our Family are paying some bills and shopping etc. but there other family members have found out and there is major discontent. Not sleeping and so scared. They are preparing a f&f. Thank you.

I am really worried now after reading the threads on this site about ppi claims. We are offering a f & f, but it needs to happen soon as there is disagreement in the family over it. We have ppi claims pending ( even though we are certain have never taken on ppi). I am worried because due to a reduction in my earnings, our family is paying the extra needed at the moment for bills/food etc.,but this can't continue & it will be stopping. There was a lot said over Christmas from other family members who heard about this & were not happy - hence the final offer. It only needs more pressure on the person offering the money & it may not be there. He has provided us with a letter of intent to pay final but the sooner it is all done & dusted the better. Oh my - if something as stupid as a ppi claim with no funds held it all up & a family row ensued in the meantime, we would be facing bankruptcy. How can they take so long?

Unfortunately each case is different and timescales are very difficult to gauge...your IP should be able to support you in this and hopefully will understand the urgency to reach a conclusion for you.
You need to stay very proud of yourselves that you recognised the need for help and subsequently sought it.

Has there been changes in your income and expenditure that has caused you not to be able to manage from within your own ....or have you been unable to adjust to the tight budgets faced by all in an iva ? Either way, no need to feel ashamed or alone....your IP and all of us on the forum are here to support you.

Besides the rising costs my earnings have dropped through the floor. We feel dreadful & disgusted with ourselves but it was dreadful, upsetting circumstances that got us here.

lil, once the full and final has been accepted and the monies paid across, as far as the family are concerned, that will be that --- yes, closure might be delayed pending the outcome of any PPI claims, but you will at least not be paying into the IVA and will have your own money to survive with, so dependance on family will be reduced.

Depending upon who you are with they might be in a position to close and carry on with PPI claims afterwards.