sorry for asking this again but we are going to try and make a a Full and Final to close our IVA. ( we have asked similar Qs before )
The total due in our arrangement is £18 000, We have paid off £5040 to date and by July will have paid £6840. If we were to make a full and final of £8000 would that be acceptable? We have been offered this by a relative because my wife has had her wages reduced and my employer had made recent redundancies ( we are scared we could be next!).
The full total due if we continued our monthly payments would be £10 800.00 - i have deducted the fees due for the next 3 years to get to the £8000 figure.
Any advice is appreciated.
Hi there. on the face of it, in view of the real possibility of redundancy, the figures might work. However, I am concerned that you have deducted an amount for fees. This might not be applicable, and you need to check the position regarding fees in your proposal / chairman's report. Quite often, these days, fees are a percentage of realisation and have no bearing on time worked.
If fees are a percentage, you might be a little light on the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If made redundant would you be due a financial package?
You have to put yourself in the creditors shoes and ask if you are giving them reason enough to accept less money now or hang on a few more years in the hope that your circumstances get better and they may get even more back.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
We submitted a F&F offer in November and are waiting for the Creditors meeting. Your figure sounds realistic for consideration, have you included any equity clause if applicable?
Last edited by Hyperdrive on Sat Feb 02, 2013 7:18 pm, edited 1 time in total.
