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).
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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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)
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! [^]
Yes I think that that is best Vickilou28 as you would need to find much more otherwise.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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
Obviously special circumstances (as articulated in another post) can make a low F&F acceptable.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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?
Possibly and 5 months out of work should attune their minds to your current predicament. Have a go and see what happens.
Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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.
