Full and final settlement

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hazel.k

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Post by hazel.k » Tue Apr 24, 2007 3:43 pm
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I posted a week or so ago about paying off my IVA with a loan from a family friend. My original proposal was to pay off 36p in the £ (i.e. £55k original debt). I would like to offer the 36p plus all outstanding IP fees to my creditors - I have 23 payments yet to make though.

Original debt £55,868
Already paid in £18,066
Fees approx. £5,200 (incl of VAT)
Variation meeting £50
May payment will be made before variation meeting of £515

Want to offer £9k in full and final settlement.

Does this seem reasonable?

Would my creditors accept this figure or would I need to offer slightly more to guarantee acceptance.
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Adam Davies

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Post by Adam Davies » Wed Apr 25, 2007 4:33 pm
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Hi
It seems a good offer,if you can offer say a 38p dividend then it will almost certainly go through.
38p dividend = £21200 plus IP fees £5200 total £26400
Paid in £18600 so amount to raise is 8k.
Have you worked the figures differently to me ?
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Andam Davies
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kris

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Post by kris » Wed Apr 25, 2007 4:35 pm
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Hi Hazel.K, I konw for HSBC they look at 40p in the pound but others do accept 25p in the pound, if thats what you can afford then there's no harm in offering it, they can only say no, looks like you've been tring to resolve all your debt issues rather than ignoring them, or hiding from them 'Well Done' however, there is no guarantee of acceptance just offer what you can a wait, they all have different minimums 25p 30p 33p 40p but i don't think theres anyone more than HSBC although from this site i've learned Northern Rock can be a stick in the mud! good luck..
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Adam Davies

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Post by Adam Davies » Wed Apr 25, 2007 4:51 pm
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Kris is correct in that creditors seem to have different dividend levels however this will not affect you as your IVA was originally accepted for the 36p dividend.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Andam Davies
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