Full and Final Settlement

[irish_ram]

Cheers David,

That is great help, but should I speak to my Ip before saying off the standard letter for F&F Request as onlyspoke to a woman who answered the phone and said i need to put it in writing

[David Mond]

Well address a letter to your IP setting out what you are thinking of doing and see what he suggests giving him the information I have indicated

[irish_ram]

Cheers David, thats great help,

I am going to suggest what Lum Sum i have also in the letter as I worked it out as I would be paying them back about the same Pence in the pound as when IVA setup, so hopefully will go for it. Do you know roughly how long i should wait for them to reply before i start chasing?

[David Mond]

7 days

[irish_ram]

Cheers, i have drafted my letter explaining and asking the relevant info you said, so i will send this off tommorow morning and if quick enough, might get a good reply before xmas and have an early xmas present

Cheers for all your help, lets hope it goes good

[irish_ram]

Right, I sent my IVA letter off on thursday and have not had anything back yet, but I will be suprised if get anything before the New Year, but out of all the Christmas presents I hav egot over the years, I think if i get one from IVA with Accepted offer, it will be the best christmas present I have had.

[David Mond]

Fingers crossed - good luck and merry xmas

[irish_ram]

Hello all,

I have recieved a document back from IVA and says they need to arrange a Variation meeting which I presumed what was next, however the figures are different as in total debt and amount in the pence has therefore changed etc.

I apologise in advance if I am asking too much, but am going to stick all the figures in and wonder if could get any advice as to wether this looks correct

Original Debts and changes from F&F claim

Halifax - 582 and stayed the same
Citi Financial - 7775 and claim received is 11918
Lowell Finance - 566 and stayed the same
RBOS - 1950 and changed to 1993
Student Loans 1st - 598 and same
Student Loans 2nd - 2530 and changed to 2532
Student Loans 3rd - 3056 and changed to 3057

Original Total has changed from 17057 to 21246

As you can see above, the only one that has really changed is my Citi Loan, so am wondering is this right and correct as reduces my original pence in the £ and affects new proposal

Secondly below is the original Bankruptcy,IVA and also the new bankruptcy,IVA and variation scenarios they sent

Bankruptcy has stayed the same apart from with total changing has gone to 10% paid back instead of 9%

My IVA agreement has changed by 10% as below so are these figures correct and okay

Fees have stayed the same which are

Joint nominee Fees - 1500
Joint Superviser Fees - 2850
Disbursements - 250
Irrecoverable VAT - 805
Insolvency Bond - 70

Total is 5475

Assets available to crediters - 8325

So original was 8325 paid back from 17057 which is 49%
New IVA is 8325 paid back from 21246 which is 39%

And lastly my F%F works out as according to them

16 Months at 230 - 3680
F&F settlement of 8000 available in march
Total is 11680

New Fees

Joint nominee Fees - 1500 and stays same
Joint Superviser Fees - 2850 changed to 1140(570 each)
Variation Fee - 600 which is added
Disbursements - 250 and stays the same
Irrecoverable VAT - 805 changes to 524
Insolvency Bond - 70 and stays the same

So New fee total is 4084

Assets for crediters - 7597 paid back from 21246 which is 36%

So thats it, i know its alot of info but any help would be grateful, I mean finishing it early has only knocked off about 1400 which is this correct.

Also now they have added almost 4K tot new debt total claimed, it has reduced my IVA from 49% to 39% and then my F%F to 36%, so seems like a weak offer now

As i say any help much appreciated, I also have copies of figures and can scan and send them if thats more helpful

Cheers

[MelanieGiles]

They do need to show you why the Citi Financial debt has increased so much - but from what I can see the figures do look reasonable.

[irish_ram]

Cheers Melanie,

Yeah, I am going to ask on that, but if everything else looks okay, then thats good.

I am just worried that the pence in the pound is now 13p down as to the original IVA agreement as the new IVA agreement is 10p down

[David Mond]

Its only down because of the increase in debt owing to Citi Financial which appears a lot higher than original - please get that item checked.

[irish_ram]

i will do, however its definately not a typo or mistake as there is a star next to it and at the bottom of page says star means claim received

Does that mean since setting it up, Citi have claimed more and why wasnt i told about it

[David Mond]

Probably yes - but you need to ask your IP that one

[irish_ram]

Right, I have spoke to IVA and they say that the initial figure Citi Quoted to them was wrong and the actual claim they put in was higher and i should have been told. Now my actual overall debt with citi is still more if paid it all back than what they are claiming so I am willing to let this lie as if F&f agreed, would be paying the same back anyway.

I have signed and sent back the Variation Agreement papers today but am just worried that the amount paid back per pound is maybe too low now.

What does anyone think of my chances now on previous experience

[kallis3]

I don't know what your chances are, but I'd just like to wish you all the best with it, and I hope you get the result you want.