F&F - do you think this would be accepted

[noddy53]

F&F - I have just completed my 4th year of an IVA, at the start I was paying in £398.15 per month for the first 23 months, my expenses then increased and my monthly payment dropped to £338.43 for 7 months, then a change in circumstances allowed for the payment to be increased to £491.15 for 5 months, then another change in circumstances allowed for this payment to be increased to £545.15 per month which I have been paying now for 13 months, I have also recently paid in two lump sums from backdated pay awards and from a bonus of £2126.68 and £4270.52 respectivly.
So original dividend payable to creditors is £28666.80 and to date I have paid in £27466.36.
I have now made a serious blunder at work and am looking at being suspended for approx 3 months on full pay and the likely outcome will be dismissal.
So if I effectively have 3 months income left to come in and I pay these 3 months at the current rate I would have paid in £29101.81 to the IVA, which is £435.01 over the initial expected return!
Do you think if I submitted a F&F offer of payments to date, now, working on the principle I will be making a further 3 payments to get the IVA over the expected return to creditors it would be accepted?
My initial IVA was 5 Years but Northern Rock extended it to 6 from the outset, when the IVA was agreed a modification was put in by another creditor stating that the IVA will run for no more than 72 months, so as I doubt there is any equity in my property, I will not be able to uphold the equity release clause but think I am protected from a 12 month extension due to the one creditor stating that the IVA will not run for more than 72 months.
Any thoughts will be gladly received!

[Adam Davies]

Hi

I would wait until the outcome of any hearing and if the worst happens you could ask your IP to propose a variation asking for creditors to accept payments to date as full and final settlement

Regards