f/f likely to be accepted by the creditors?

[sam h]

I am approximately 18 months away from the end of my IVA term. My parents have agreed to give me a sum of money to hopefully finalise the IVA agreement. However, if I were to pay the next 18 payments at the current monthly rate, the amount offered would be approximately £600 less. Is the proposed offer, likely to be accepted by the creditors?

[indebtforever]

in my opinion yes (not a proffesional)remember there will be less fees charged for a shorter term but there will be a completion fee or variation have you an equity clause?rememmber to state that the funds will only be made available if it finishes the iva and you will pay your parents back with your disposable income.

[Adam Davies]

Hi
Sounds a fair offer
Good Luck

[sam h]

That's great. Thanks for the fast responses!

I don't have any equity, so no clauses applicable. Do you know how completion fees are worked out? ie is it a percentage of the overall / outstanding amount etc?

Thanks

[MelanieGiles]

It will be down to the policy of the individual form, but creditors are pretty anti completion or variation fees at the moment.

[sam h]

I called the company that are managing my IVA, to find out how long the process is likely to take and how it all works and I'm more confused now, than before I spoke to them!

She mentioned something about 6k of fees. Are these something that I've been paying within my monthly payments? ie have they been reducing each month or will I be liable for them if I end the IVA early?

Sorry to sound a bit dumb but I never took much notice of the information about paying it up early as I never thought I'd be in a position to do so.

Thanks

[MelanieGiles]

Get your IP to put the points in writing and send this out to you. The written word is often clearer than the spoken.

[Adam Davies]

Hi
The 6k of fees will have been eroded each month,just put your offer forward
Regards

[sam h]

Hi

My IVA company called today to say that my offer was too low. She said she'd be able to look at the actual figures but not immediately and then it would have to go someone else to get signed off etc....etc.

I assume that it's within their intrest to make me pay as much as possible, so I'm a bit concerned that I might end up paying more than I have to. Please could you have a look at the figures below and let me know your opinion please?

Total calculated debts (I think, with all the interest etc)was approx. 24k

Creditors accepted 31% (I think that may have changed to 32%. Nothing to do with my circumstances but something to do with an internal change with creditors?!?)

In August I will have paid 40 payments @ £216.

If I continued to pay the next 20 payments @ £216, the total amount would be £4,100.

My original offer was £3,500, which my parents have now upped to £3,800. Do you think this is acceptable or should I be offering £4,100 or even more?

Thanks again for any help you can offer.

[MelanieGiles]

I'm surpised that the offer is not acceptable, Sam. Can you get your IP to explain why and what she would recommend you increased the offer to?

[Lisa2009]

Are you sure it was your IP that said the offer was too low and not just an advisor (who often dont know what they are talking about)

[sam h]

Hi. I don't think it was my IP that I spoke to, just someone within the settlements department.

She asked me why I wanted to settle... was it because my circumstances have changed etc?

I said that I just wanted to get it cleared because my parents will be in a position to help me.

They've also asked for a letter from my parents, confirming the offered amount, so we are sending off letters today, offering the £3,800. I'm assuming the worst they can do is refuse it?!

Thanks again for your advices, it's much appreciated.