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Posted: Mon Mar 30, 2015 4:51 pm
by JdB19
I am offering a full and final in the first year of my IVA. The creditors were going to receive 8p in the £ over the full term. However my lump sum gives them 6P in the £. Do you think this will be acceptable ??
Posted: Mon Mar 30, 2015 4:59 pm
by Lisa Thomas
Hi Jd - it sounds reasonable but difficult to say for definate without knowing the background and where the monies are coming from etc. It will also bring the administraition costs down too - have you taken that into account when arriving at the 6p figure? Just in case you haven't already approached your IP about this beware that some IVAs may have modifications that you can't vary them within the first year. I've seen HMRC put this clause in before. If the meeting has already been called I would like to think creditors would accept it - it seems like a no-brainer to me. Good luck.
Posted: Mon Mar 30, 2015 5:13 pm
by Foggy
Sounds like a reasonable offer in view of the savings in admin costs, as well as them being able to clear toxic debt from their books. However, as well as low offers being accepted, I have seen generous offers being refused and much will depend upon how supportive your own IP is.
Posted: Mon Mar 30, 2015 10:39 pm
by simples
We had ours accepted within the first twelve months offering the remaining payments but not anything regarding equity, we never had any review just paid our money and got our completion certificate two weeks later couldn't have been any easier.
good luck.
Posted: Tue Mar 31, 2015 5:58 am
by Bowman
Dear Lisa, the monies are coming from extended family. I have approached the IP who has confirmed that they will present the offer to the creditors.
Posted: Tue Mar 31, 2015 6:15 am
by lifenoteasy
Go for it and good luck.
Posted: Tue Mar 31, 2015 9:12 am
by Lisa Thomas
Hi Bowman great - fingers crossed creditors accept.
Posted: Wed Apr 01, 2015 9:57 pm
by Bowman
Hi Lisa, IP is preparing my case to put forward to the creditors, will the creditors vote in post, hold a meeting with the IP ??. I do not want to loose this opportunity to conclude the iva.
Posted: Thu Apr 02, 2015 8:37 am
by Foggy
They will vote in the same way as the original meeting -- by post, email and fax. I don't think anyone actually turns up these days.
Posted: Tue Apr 07, 2015 3:00 pm
by Lisa Thomas
Hi Bowman - As Foggy says they will be sent details of the variation and the meeting and given a proxy form to fill in to vote on the modification/s. There would be no reason to physically attend - if they have any queries they can just ask the IP beforehand but it should be self explanatory.