full and final settlement...help!

[David Mond]

And your IP should usually be the best judge as to what would likely be an accepptable offer.

[southern rain]

So creditors make the decision based on advice from IP. Are you suggesting that if my IP has said this figure is likely to be unacceptable I should take this on board and act accordingly (i.e try to beg, borrow and steal more to increase my offer)

[David Mond]

Yes I do - your IP has the experience to know

[southern rain]

Thanks David for your prompt and kind advice...Melanie do you have any further comments or advice, you both seem to have slightly differing views and I appreciate them both!

[MelanieGiles]

My view is that your IP should put forward an offer of settlement based upon your instructions. We can guide, but should not act as judge and jury because that is not our place.

It is always difficult to advise clients, which are not clients of our firms, on the forum - as neither David or I have detailed knowledge of your case. Your IP does, and will be experienced in the needs and requirements of creditors, so it is really best to take advice directly from them - but if £5k was genuinely the best you could do, and you could no longer afford to make your IVA contributions, I personally would put the offer forward.

[southern rain]

My parents have made available a sum of £7300 as a FFS. I have sent the offer to my IP and have told them about my wife being pregnant and also that my working week is to be reduced by 1 day from end June which has now been officially confirmed.

My parents have been amazing to come up with this amount of money and I will need to pay them back.

I am now terrified that my creditors won't accept the offer...this is the best I can do and I am seriously worried about the drop in income and my future employment.

Do you consider this offer reasonable and potentially acceptable?

Now that the letter has been sent, how long should I wait for an answer from my IP? Should I contact them?

How long does this process normally take from start to finish?

Thanks in advance for your help and support.

[MelanieGiles]

If your IP explains the circumstances properly, I think this sum has a fair chance of acceptance. Send the details to your IP and ask them to respond within the next 14 days.

Good luck!

[David Mond]

I really think that this offer is fair and reasonable - and I believe it will be acceptable.

Should not take any longer than 3 to 4 weeks. Fingers crossed and don't worry.

[southern rain]

Thank you both for your advice, help and support.

Melanie, is there any way that I might be able to ensure that my IP represents me properly? I have no reason to suspect that they won't...I have been clear in my letter about my situation.

I'll keep you updated.

[MelanieGiles]

Ask them to send you a copy of the variation report before it is sent to creditors. In that way you can vet how they are representing you and suggest changes to the wording if necessary.

[southern rain]

Thank you Melanie, I will make sure I do that...as I said I have no reason to suspect that they won't represent me properly, I don't want to take any risks.

[southern rain]

I spoke to my IVA company today to confirm that they have recieved my letter, which they had.

They informed me that the figures would be worked out and presented to their accounts department to okay...this process would take about two weeks and then they would arrange a meeting of creditors...the whole process would take 8 weeks.

This is longer than you suggested David...do you think this timescale is reasonable? I don't want to be an annoying client to them but I am anxious to sort this out as soon as possible.

Any suggestions?

Thanks again...

[MelanieGiles]

It is a reasonable timescale in most IP's opinions - David may well have a differing view.

[southern rain]

Thanks Melanie...as long as it's reasonable i'm happy. I just don't want this to drag on any longer than is neccesary.

[southern rain]

Just a quick update: I have recieved the copy of the variation report and am happy with how they are representing me...it now has all been signed off by me and returned to by IP. Apparently the meeting will be in approximately 28 days...i'll update again when i hear anything new...