Full and Final offer to end IVA - Please Help

[joniva]

Hi, this is my first post here after finding the forum and now knowing I am not alone in the world of IVA's.

I have a few questions to put to the forum if anyone can help....
I have been in an IVA for a year and a half with Grant thornton and haven't missed a payment.
A family member has offered as a third party to end the IVA through a full and final offer. We are so grateful of this it's untrue!!
I spoke with GT this morning to try and get some advice. They were quite stand offish really and didnt offer much, what they said was:
We have to come up with the figure to offer and they will put it to the creditors and the process could take up to 12 weeks!
My queries are these:
1. During that 12 weeks do we still need to maintain the monthly payments (as this would be a lot of money)
2. What do I have to do in the variation meeting. GT said this would be a 45 minute telephone call.
3. Why dont they consider a third party offer as a windfall?
4. They said I have to have secured the money for a F&F. Does this mean in my bank account or just confirmation that someone (third party) is willing to pay.
5. Will I need to pay the f&f payment (if successful) or does the 3rd party pay?

Any help on the above from the people in the know would be greatly appreciated.
Thank you very much [:)]

[Tina Shortland]

Hi joniva - welcome to the forum - glad you found us, and no, you are very, very much not alone.

GT have a representative on here and I am sure they will also respond to your post - they will not want to read that your experience this morning was not as helpful as it could have been.

GT will want to know the money is confirmed available. Ideally it would be in your account that the IP has details of so it can be accessed pending a positive outcome.

I am not sure why it would take 12 weeks if you have the funds available - only GT can explain that and what would be expected of you in the meantime.

Lets hope someone from GT is along soon to post a response.

[joniva]

Thank you for your reply Tina, it would be good to be able to speak to someone from GT on here.
I thought the 12 weeks was a bit strange, but then it wouldn't surprise me!
My relative would only part with funds if they knew that it was going to close the IVA through a F&F, so was wondering if a letter from them to confirm that would suffice?

[Tina Shortland]

Only GT can confirm what they are happy to accept. Dont worry though, if the creditors dont accept the funds to complete the IVA they cannot be taken so would be returned. The funds are conditional of it being a F&F settlement and not on top of any further payments- this is very common practise.

[joniva]

I'll be phoning GT very soon to formally give them a figure...

The IVA agreed is £15,000 over 5 years
£3000 paid in so far
Original debt just under £30k

In your opinion, would £15k be a reasonable offer that creditors are likely to accept, or would it be nearer £20k?

Thanks for your assistance

[joniva]

Any advice regarding the above offer? Thanks very much [:)]

[Foggy]

If they signed up for £15k over 5 years ( assuming no equity to come) then they should be happy to get what they were expecting, with the bonus that it arrives in a lump and early.

I would offer the remaining payments, so around £12k.