Finally contacted IP!

[kandh]

Finally, we have contacted our IP in the hope of a full and final settlement figure!

Fingers crossed that the amount my friend can lend us will cover the settlement figure they come up with.

Really nervous now and its only an email asking if its possible! What on earth will I be like if we actually get a variation meeting!! [:0]

[iva experts]

Hi kandh,

I know you feel nervous, but try to stay positive. Do you mind posting your debt amount and the figure you are offering as a Full and Final Settlement?

Best Regards. IVA Experts

[kandh]

No I dont mind at all!

Total debt was £62,000 with a minimum div was for 33 p. Taking into account Aug and Sept payments (have requested this), we will have made 33 payments of £460, totalling £15,180. (60 x £460 = £27,600)

Fees (taking off the last 2 years worth of fees but adding variation costs) would be £4891. We think we will need to pay a minimum of £10,500 to meet the minimum dividend ? (I think [?]) Please tell me gently [;)] if I have worked this out all wrong!!! [:D]

Hopefully we will hear from the IP soon with a figure they think it should be.
[:)]

[kandh]

Just heard back from IP saying that they are happy to offer a full and final settlement and will get back to me with a figure. They have also said that there is NO variation fee. I had actually budgeted for £500 for this!

The fees etc as stated in hubby's proposal is

Fees IP - £750 per year to a maximum of £3750
Nominee £1800
Bond £306
State £35

Total feels for whole 60 months - £5891

This would mean that in effect we can take off £1500 due to the IP fees. I had originally allowed £1000 (with the variation fee taken off).

Fingers crossed the figure we get is good to go!

K

[Oliver]

Let's hope so. Sounds like you've done your homework on this.

Good luck and please let us know the outcome.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[kandh]

We have been thinking about it for a couple of months now but have only just plucked up the courage to contact his IP to ask for a figure. We did some research into it as we wanted to make sure we had a figure in our heads and could actually borrow this amount before we did anything. (didn't really want to contact the IP before this in case they gave us a figure that we couldn't go ahead with it - too soul destroying)

Will keep everyone updated of course when we do get a figure. We will then have to wait 28 days for the creditors meeting. (So hopefully the end of August we will have conclusion [:)]

[Adam Davies]

Hi
Your original figure was spot on and it,s good that you have a low fee IVA provider.I presume that you will offer around 9k now.
Good luck


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp