Have not posted for a long time, but been reading the posts nearly every day. Have paid 13 payments off of our IVA. what i want to know is if you have savings which you have got from 50% of overtime/Bonus once it has built up, to a descent amount can you use this money to offer a full and final settlement. If so we would like to do this at the end of this year. We will have paid 24 payments of £266.00 totalling £6,384.00, leaving £9,576.00 still to pay. What would be a fair amount to offer. I was thinking about £6,000.00 as we would still have three years worth of fees, any thoughts.
Yes - that portion of your additional income is your to do what you like with - and if it gives you the ability to offer a full and final settlement that is good news.
In these circumstances, and in my opinion only, you ought to be offering at least the level of dividend originally pledgedm, although I am sure other experts will tell you to offer less.
Are you struggling to pay your ongoing payments currently - a build up of savings would suggest not. You cannot use the external economic climate as a reason for settling early and paying less I am afraid.
We have started a savings account, which we do not want to touch, purely for bonus payments. We would like to clear this debt as soon as we can by this method rather than struggle for the next 4 years. Yes their are times when we are really struggling,to the point when I have had to raid the penny pot to get a loaf of bread and some milk. and it does cause an atmosphere between me and my husband which we do not want as we have only just got back together after a year apart, things are going too well for us at the moment and I do not want it to be spoilt by money problems, and the kids having the home split up again.that is why we have decided to save every spare penny we have to do this, otherwise if it gets too bad we will end up throwing in the towel and going bankrupt, which I do not want to do but would if this was our only option to save our relationship.
Your share of the additional that you have earnt is yours, and you can do what you choose with it, the fact that you have saved it, is very commendable. Well done
Your marriage and family are important to you, and I would suggest that you discuss the figures with your IP team to see what the creditors would achieve from it.
Creditors normally accept an offer that is what they were going to get over the whole of the 5 years period, getting it all early, can only be seen as a bonus, one would hope.
Good luck
Make sure that your IP is aware that you do struggle and that this is putting a strain on your relationship with your partner. You might be lucky to get a variating accepted.
The 6k you suggest is fair and reasonable - discuss with your Supervisor(IP) and see if he/she agrees for this to be put forward as a F&F
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.
thank you David, feeling really awful this morning been in tears. I think depression is setting in again (hope not) had it five years ago do not want to go back on medication. I managed to survive the death of my sister three years ago at 41 of a brain tumour, me and hubby separating, without the pills. As I said last night me and Hubby are back together now and really happy, but the money and lack of is really getting us down at times, try to be positive, but as we all know sometimes it is hard. Sorry for blabbing on I know we are all in the same boat.
It is hard and financial problems do put strains on anyones relationship. Positive mental attitude - and discussing with your IP will help - good luck and try not to worry too much. It is only a money problem and things will work out for the best.
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.
Get in touch with your IP and put your offer forward.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thank you for your kind words. We will not have the money until the end of the year hopefully, all going well. Do I not have to wait until we have it before I contact my IP with a F&F offer figure.
No point in putting it forward yet if you don't have the money in place.
Just carry on as normal and then contact your IP nearer to the date.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
