Chances of F & F being accepted ??

[emmaxpete]

Hi

Me and my husband have a joint IVA - we are paying £410 over 60 months, with equity relase in the 5th year, or an extension of 12 months payments. (our house is currently in negative equaity)

We have completed 44 months, however we have requested to pay a full and final settlement.

My mum has just passed away, and as she was responsible for our childcare, we will now have to pay more for private childcare. This will work out, over the year, at an extra £183 per month.

There are also threats of redundancies in both mine and my husbands work.

My mother in law has offered to gift us £4,000 for the purpose of payng of the IVA.

a couple of questions - do you think the offer of £4k would be accepted or rejected.

We have a phone interview with GT on 20 July, how long after that would a creditors meeting be.

If it was accepted, when we expect the final payment to be

I appreciate any replies

[kallis3]

Hi Emma,

So sorry to hear about your mum passing.

Personally I think it sounds like a good offer given your circumstances but make sure that GT know that this money is only available to do the full and final and the offer will be withdrawn otherwise.

I don't know what the timescale is for a full and final meeting. I think you are usually expected to pay the money across as soon as the F&F has been agreed.

One of the experts, or someone who has been through it should be able to help with the timescale.

[sbusby2004]

are F&f final meeting was 6 weeks from when we put it in writing that we wanted to make an offer but every company may be different.

they will want a letter from your mother in law to say she is gifting you the money but make it clear it's only there for a F&F if rejected money will be withdrawn.

if accepted we had 45 days to pay the money across.

we made the offer because hubby was made redundant i think you need a reason to offer a F&F which is less that oringnal dividen.

it seems like you have a good offer to put forward.

hope this helps.

[kazzafunk]

It does sound like a good offer. Get the letter sorted as sbusby has suggested.

Also check your proposal as if you are in negative equity there may be a clause in there that negates the need for a further 12 months.

[plasticdaft]

Get the offer made and see what they say. If you dont ask you dont get!!

Paul