Hi all again, ive tried finding a previous post about asking work if i they can give the money for an full and final, i finally had the courage to go and speak to work about this and they seemed open to the idea but have had to think about it.
I was thinking of offereing £6100, my monthly payment is £125.49 a month but from november will be £127.65 a month, i have 48 months left do you think this is an acceptable amount to offer?
ive paid £2417.88 to date so far.
Also if my work do agree, whats the next step to getting the ball rolling with payplan? can anyone give advice what to say to them in an email or template i can use?
Also should i mention that my kids are moving away next year to just over 70miles away so will so will be a big change on fuel allowance
I would go in with an offer of a little less --- they are expecting a few quid over £6100 if the IVA ran its course .... knocking 4 years off the term will save both creditors and IP a chunk in admin time and costs.
Normally I would suggest going in with an offer in the region of £5,000, which you could increase a little if it was refused. However, mindful that you do not wish to mess your employer around by revising offers, I would suggest a straight £6,000.
You will need to contact your IP and explain that you wish to make a full and final offer to bring the IVA to an early conclusion. DO NOT use the term settlement that's a whole heap of beans more expensive.
Point out that these are third party funds and, if the offer is refused the IVA will continue as originally agreed and the funds will be retained by the donor and not be available to the creditors.
Now, as you are with Payplan, they will try to put a clause in the variation offer about bankruptcy -- they always try it -- it is totally unneeded and they will remove it if told to.
You do not need to give a reason as you are giving the creditors about what they signed up for, but a mention that envisaged increases in expenditure could impact on ongoing payments could be thrown in the pot.
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy but there is also the fact that Payplan can be quite slow in drafting variations. For that reason I would make the offer but state that it decreases by every payment you make between now and the date of the meeting. Otherwise if Payplan take months to call a meeting you could end up paying more than you would if you let the IVA run its course.
They should want to know where it is coming from so tell them the truth. You will need to repay this money to your employer so this is fine.
Payplan often put in a resolution offering creditors the option of bankruptcy rather than settling the IVA which is ludicrous. If you tell them you do not want this option in the variation they must remove it.
No harm in mentioning it and say you have read online that this is a resolution often put into variations by Payplan. Just let them know you do not want it in the variation and the offer is basically take the settlement or the IVA runs its term.
