Full and Final Settlement

[snoogle]

Hi All

Well after advice from this forum I have finally offered a full and final settlement to my IP although they would not advise a settlement figure and are not very reassuring about possible acceptance.

I have offered £30643 against outstanding IVA contributions of £33600. (I'm assuming a fees discount and creditors should get back the agreed amount in the £)I pay £643 per month and am in month 9 of my IVA. I have been very lucky as the money is available to my mum to offer to me because of a relatives death in May and she inherited the money.

Also I have sent evidence to my IP that my salary is now over my student loans threshold (due to a standard inflationary rise and these were excluded in the IVA by my IP)so if F and F is not accepted my payments will need to fall by circa. £150 a month in April next year to allow me to pay the student loans back.

Just wanting some final reassurance, so in your experience is this likely to be accepted? Or can anyone see any pit falls ahead? (I rent my home and have no real assets)

Thanks
Snoogle

[Lisa2009]

Your IP must think its reasonable to put it forward for you.
Good luck

[Sadsack]

Hi snoogle

I would have thought that you have a very good chance of your creditors accepting your F & F offer. Your IP has to call a variation meeting of your creditors to propose your offer. From other posters on this forum, it seems that creditors, of late, are more willing to accept F & F's.

Good luck and let us know how you get on.

Sue



Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Adam Davies]

Hi
It seems a good offer and your creditors would be barmy to turn it down.
Have you read the proposal that your IP is putting to your creditors ? Make sure that it is worded in such a way as to make your offer attractive vs rejection.
Good Luck


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[snoogle]

Thanks for the feedback everyone.

Have only sent in the documentation so hopefully the formal proposal will be drawn up soon assuming they think it's reasonable and it's good to hear the positive feedback.

I do think especially given my Student Loans situation they would be crazy to say no but will wait and see and make sure it is worded positively when it is drawn up.

[jpj]

Excuse my ignorance..I presume student loans cant be included in IVAs?

[Adam Davies]

Hi
They can if they were started before 1997,but they need about a 90% dividend to be approved,so they normally sit outside the IVA with the other creditors approval.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I think that is a very good offer - and it get's my vote both as an IP and if I were a creditor!

Were the student loans included as creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[snoogle]

No they weren't included although given what Andy has said that's probably because my agreed dividend to creditors is only £0.46 in £.

Do you know how long it ususally takes to arrange a creditors meeting? Feels a bit like waiting for the IVA approval first time around now eek!

Also have supplied wage slip, student loans threshold info, letter from mum and her bank printouts with branch stamps confirming funds available and a covering letter from myself outlining reasons money is available. Does that sound comprehensive enough or should I have sent copy of my mums probate grant or anything else? My IP hasn't asked for anything else though so hopefully all okay.

[kandh]

I think I am right in saying IP's have to give creditors 28 days notice of the variation meeting to offer the F&F.

We contacted our IP at the end of July to enquire about F&F and our creditors meeting was for 17 Sept. Most people find out the day of the meeting the outcome but I had to wait an extra day for some unknown reason.

HTH
Kerri x

[snoogle]

Thanks Kerri,

Also my October payment is due on 15th and is included in my F and F amount. If this process goes on a bit longer should I still make my November payment as this was not included in the F and F offer? Just wondering when I start paying my mum back. It could be November (but maybe hold onto money until the F and F is confirmed by the creditors) or do I still need to make this payment and given that its not included in the F and F I have offered what happens to it if I make the payment to my IP and the settlement is agreed.

Hope that's clear but let me know if not.

[Adam Davies]

Hi
Keep making full payments up until the variation is agreed.You can always deduct any extra payments from the lump sum that you send to the IP once agreed
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[snoogle]

Great, thanks everyone!!