full & final offer

[Keiron]

dear all,

please can you help me i am putting together a full and final offer letter to creditfix. i have 34 months left on my IVA at £383 per month this incluides 12 months equity on my house.
could you please look at the letter i have put together and let me know if i have worded it correctly.thank you all inadvance for your help.


Dear Sir/Madam

I would like to formally offer a lump sum payment of £11,500 as a full and final settlement of my current IVA, this includes 12 months equity in the house.

I have never breached my IVA and have always fully cooperated with my supervisor.

As agreed I will continue to make my monthly payment until ????? And then offer the lump sum and conclude my IVA.
The lump sum of ???? Is coming from a draw down of my personal pension on the understanding that it is only available if used to conclude my IVA.

I hope creditors will look upon this offer favourably so that I can try and move on in my life.

Would you please arrange a variation meeting and put this offer to my creditors. Please can you include a copy of this letter to the creditors when writing to them?

I understand you will now call a meeting of creditors to consider my proposed variation within 28 days.

Yours sincerely,

Please note any continued contributions will come off the lump sum if there is a delay in the variation meeting/process.

[Foggy]

Looks OK -- I would put in a paragraph along the lines of. "The draw down of my pension will only take place if this offer is accepted by the creditors. If rejected I intend that the IVA continue on the currently agreed terms."

[Keiron]

Thank you foggy,for your help.What closing date should i put into the letter if any because if it accepted by my creditors. I will still need to fill in the necessary paperwork etc from my pension company.for them to agree/transfer the monies into my bank which could time.

[Foggy]

This is difficult as you cannot initiate the drawdown until you have the acceptance of the offer --- but you usually have 28 days to come up with the funds after acceptance. Might be an idea to check with your pension provider as to their timescales for these things. As for the date, this isn't usually specified in the offer, but I would give them a month to draft and a month to give notice. Pay as normal to that date, then start deducting further payments from the lump sum. Detail this timescale in the offer letter.

[Keiron]

Thank you Foggy, I have re changed/added to the f&f proposal letter,if you can please give me your thoughts on the final proposal below.

Dear Sir/Madam

I would like to formally offer a lump sum payment of £11,000 as a full and final settlement of my current IVA, this includes 12 months equity in the house.

I have never breached my IVA and have always fully cooperated with my supervisor.

As agreed I will continue to make my monthly payment until 15/05/17 And then offer the lump sum and conclude my IVA.

The lump sum of £11,000 Is coming from a draw down of my personal pension on the understanding that it is only available if used to conclude my IVA.

The draw down of my pension will only take place if this offer is accepted by the creditors. If rejected I intend that the IVA continue on the currently agreed terms.

I hope creditors will look upon this offer favourably so that I can try and move on in my life.

Would you please arrange a variation meeting and put this offer to my creditors. Please can you include a copy of this letter to the creditors when writing to them?

I understand you will now call a meeting of creditors to consider my proposed variation.

Yours sincerely,

Please note any continued contributions will come off the lump sum if there is a delay in the variation meeting/process as from 15/05/17

[Foggy]

Yes looks OK -- though I would move that post script into the body of the letter and slightly amend the first paragraph thus:

"I would like to formally offer a lump sum payment of £11,000 as a full and final settlement of my current IVA, this includes 12 months payments in lieu of equity on the house."

[Keiron]

Thank you Foggy for all your help.

[linrog]

i hope this helps i drew down my pension a year ago for the purpose to finalise our iva my offer was to draw down after the offer was accepted so i kept paying my monthly payments till 3 months later then i drew my pension to pay off iva once accepted by creditors but i had a signed agreement from creditors before i began my draw down

[Keiron]

Hi linrog,
Did you add this into your f&f letter concerning "signed agreement from creditors before i began my draw down" or did they just send you the agreement.

If I should put this my letter how should I word this.Thank you.

[Keiron]

Hi,Can someone please help me. I am in the process of asking my pension provider for a letter stating that I have enough funds in my pension to draw down for a F&F offer but I am not to sure how to word the letter to my pension provide I have done a draft letter below if someone can please tell me if I have worded this correctly and should I mention to them the reason why I only want this covering letter.

"Dear Sir or Madam,

I am currently in an IVA and want to put forwarded to my IVA Company a Full & Final offer of £11,000

Back in 22/02/16 you can you kindly sent me an “Early retirement statement” would it be possible to send me a covering letter confirming there are significant funds available to draw down my pension to cover the amount of £11,000 only. Please can you put this amount only in the letter."


Another member mention this on another post,please see quote below from them :-
****** Your pension provider should be able to give you a letter confirming there are funds available to draw down. Ask them to confirm only the amount required for the offer ( Your IP does not need to see there is any more available. What you go on to draw down after the offer is accepted is your business, not theirs. *******

Thank you.

[Foggy]

I would say the letter as drafted is OK.

[kallis3]

Good luck!

[Keiron]

Thank you Kallis3.

[Keiron]

Hi All,
Please can you help me, after/over 2 months I have finally received my covering letter from my pension company. But they have done it wrong on the covering letter. I asked for them to only put down in the covering letter. That I have enough funds in my pension to cover my F&F offer of £11,000.But what they have sent me is 3 options in the covering letter, wrote in 3 boxes.
Option 1, what full amount my pension would be per year.
Option 2, what my pension would be per year and/plus the amount with a lump sump of 25% tax free.
Option 3, what my pension would be per year and/plus the amount with a lump sump of£11,000.

The questions I would like kindly answering please is:-

1) Can I block out options 1&2 on the pension covering letter and then send it off to Creditfix.
2) Can I send a photocopy of the covering letter from Pension Company to creditfix ?
3) Do I just send the F&F letter/offer to Creditfix first? Then send my pension covering letter when asked to do so, plus are there any other documentation they might ask for.
4) Who do I mark my F&F letter to when sending it to Creditfix (recorded delivery)
5) And do I need to explain/word in the F&F letter, that if they do except my F&F offer that it could take up to 2 months before my funds are released from Pension Company. And if so how best do I word this.

Thank you all so much for your help in-advance.

[Keiron]

Hi All,
Please can you help me, after/over 2 months I have finally received my covering letter from my pension company. But they have done it wrong on the covering letter. I asked for them to only put down in the covering letter. That I have enough funds in my pension to cover my F&F offer of £11,000.But what they have sent me is 3 options in the covering letter, wrote in 3 boxes.
Option 1, what full amount my pension would be per year.
Option 2, what my pension would be per year and/plus the amount with a lump sump of 25% tax free.
Option 3, what my pension would be per year and/plus the amount with a lump sump of£11,000.

The questions I would like kindly answering please is:-

1) Can I block out options 1&2 on the pension covering letter and then send it off to Creditfix.
2) Can I send a photocopy of the covering letter from Pension Company to creditfix ?
3) Do I just send the F&F letter/offer to Creditfix first? Then send my pension covering letter when asked to do so, plus are there any other documentation they might ask for.
4) Who do I mark my F&F letter to when sending it to Creditfix (recorded delivery)
5) And do I need to explain/word in the F&F letter, that if they do except my F&F offer that it could take up to 2 months before my funds are released from Pension Company. And if so how best do I word this.

Thank you all so much for your help in-advance.