I hope someone will be able to give me an 'idea' of where we stand.
Hubby is self employed and work is drying up very quick.
My father in law is considering offering a full and final to his creditors. Please could someone advise on rough figures that would be accepable to offer (if this doesnt work hubby is going to be folloing me down the br route) [:(]
He owes the following:-
MBNA Loan- £9k
BarclayLoan - £8.5k
MBNA CC - £6k
I realise i will need to contact IP's however if anyone could help for the time being we would appreciate it so much as time seems to have run out - without warning [:0]
mine recently got accepted, the way i worked it out with the monthly payment agreed, time by the months left and then minus £1000 a year, how ever in this current cliamte you might get a way with less, but the question is, is it worth the risk?
Given that your partner's debt is substantially with MBNA, I would firstly try a direct approach based on an offer of settlement of between 30p and 40p in the £. I have successfully brokered similar deals with this creditor in the past, and they would prefer a direct approach rather than via an insolvency practitioner - which of course would reduce the amount available due to fees charged.
Worth a try in the first instance. I am of course assuming that your partner is not already in an IVA?
Self help is a good idea and it is worth doing what Melanie suggests. However make sure that the creditors contract with your father-in-law in the settlement once it has been accepted as in UK law payment of a lesser sum in satisfaction of your debts does not prevent your creditor (even if they had agreed to accept a lesser sum) from coming back demaanding the balance, That is why doing it through an IVA protects you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
