Full and Final first stages

[glennph1985]

Hiya, im new to this forum but have read a few topics on here time to time. My name is Glenn and I am 3 years this month into my IVA. I am paying £216 per month at the moment, my initial payments were £200 over 5 years equalling £12000. I have paid £7365 so far and am very close to losing my job. A friend has offered to pay for a full and final settlement then I would pay him back when I have a job again.
My IP has said to offer as close to the £12,000-£7365 as possible but I thought the IP fees would be knocked off for the last 2 years?
Some advice on a rough figure to offer would be great as I cannot get anymore information out of my IP without seeming rude.

Kind Regards to you all for your help in advance.

[MelanieGiles]

There may be some saving in fees, but you will have to cover the costs of variation, so at the end of the day there may not be much in it - and of course your IP may also be getting his fees paid on the basis of a percentage of realisations, rather than time costs or fixed rates.

How much do you feel you could afford - and if you are going to lose your job anyway you might like to ask your IP if they would be prepared to suggest to creditors that the IVA concludes on the basis that you cannot afford to make any more payments.

Are you due to receive any redundancy money?

[glennph1985]

Thankyou for your reply

There would be no redundancy money involved with the way my company operates.
If I suggested that the IVA concluded because I couldnt make anymore payments, would that mean they force me to go bankrupt?
My friend would be able to raise around £2800 at a push in agreement it would be used in full and final settlement. Is there anyway they would go for this? Is there anything I can do to make this be more realistically accepted?

Regards

[MelanieGiles]

Redundancy is a statutory and contractual entitlement, so how are you employers intendng to avoid this?

The termination of your IVA would be unlikely to result in bankruptcy. This would not achieve anything for any party.

If £2,800 is the best yur friend could raise, I would offer this to your IP and then see what they say. Let us know how you get on.

[glennph1985]

Well my company is known to offer a position in a location further away on less pay as a take it or leave us offer. But im not dwelling on this.

Does this offer seem anywhere near ok to you then? It would mean ive paid a total of just over £10000.
I dont understand what you have said about termination of my IVA, what would make them just conclude it without any further payment? Wouldnt my IVA just fail?

Regards

[MelanieGiles]

Not if creditors agreed to accept what they have already received in full and final settlement. Worth a try - but better chances if you can offer them some money as well.

[glennph1985]

I have received a new income\expenditure
form to fill in from my IP regarding a variation
meeting for a full and final settlement, and they
want a statement of the reasons why. What sort
of information will help in the statement and how
can i convince them £2800 would be acceptable?

Thanks

[MRBLUESKY]

sounds like things are moving fast for you glen good luck with your offer.

[MelanieGiles]

You just need to be honest and tell them exactly why you want the variation.

[glennph1985]

Ok thanks, I was going to be completly upfront and honest with them anyway.
What happens with the payments that will be made during the offer process? I have another payment due out in a week, do I add this to my offer? Say £2800 plus August payment of £216 and probably September payment of another £216 making the total payment £3232?

Bit confused about this?

[MelanieGiles]

You carry on with your payments until the revised offer is accepted by creditors.

[glennph1985]

Hiya,
Just heard back from my IP, they need a written statement from my 3rd Party. What information do I need to be in this letter? Any tips? Thanks

[MRBLUESKY]

the name and address of the third party,with confirmation of the amount on offer, based on the conclusion of your iva if accepted,and that the offer is only available if accepted by your creditors to conclude your iva.if accepted your future disposable income can be used to repay the third party.good luck.

[glennph1985]

Thankyou for this advice, I appreciate it. I have now sent off everything and will sit and wait for the next stage now. Thanks to everyone and ive got my fingers crossed now.

[Skippy]

Good luck with your full and final, let us know how you get on x