Hi there everyone, im a newbie on here but am hoping someone can help me! I have been in a 5 year IVA for just over a year. My problem is that when the IVA was set up i was living with a friend, since i had recently seperated from my wife, so my rent/bills were just £200 per month leaving me with disposable income of £479 per month to pay to the IVA. Recently however i have had to rent a small flat as i can no longer live with my friend and i have nowhere else that i can stay, i also have 2 young daughters that stay with me every weekend. The flat costs £825 per month and the bills are circa £300 per month so i am now the best part of £900 upside down every single month. Up till now i have been borrowing from friends and family to get by and i have paid the IVA without fail. This however is clearly not sustainable. I have been thinking that my only choice is to go bankrupt as i have no other option although i have no real assets worth anything. I have become quite depressed from the stress of all this as i just want to get things paid and sorted out. A family friend has said that he feels that i cannot go on like this and he doesnt want me to have any more problems from the stress so he has offered to loan me his savings to offer as a full and final payment of my IVA so that i can pay him back more flexibly over the coming months and years. Sorry for the long message!! So my question is does anyone have any advice on how i go about putting this to Blair Endersby as i found them to be pretty awkward and unhelpful when i asked about this subject?? Many thanks in advance to everyone...
Hi redfox and welcome to the forum, bankruptcy with any assets is an option available to you, a F&F is also an option you would offer BE an amount to put forward to your creditors along with maybe a letter from your friend stating the money is only available for a F&F and will be withdrawn if this is not accepted.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Many thanks for the reply! Do you know of the best way to make the offer to BE? Should i just send it to them in writing and wait to hear or do i need to send to someone specific? Thanks...
If you have no assets then bankruptcy is an option for you. F&F is also an option. I would discuss things with BE first before deciding on a course of action.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
From what you say, you've got very little choice but to go down the road of making such an offer. As you say, borrowing from friends and family, doesn't make sense.
There's no such thing as an acceptable level of F and F offer - it just has to be the best one that you can make and there has to be a logic why you are making the offer. No problem there.
Also, remember that the IP cannot refuse to communicate the offer to creditors. The IP must do so if you instruct him to. Bear in mind, however, that the IP will normally comment on the acceptabilty of the offer in the communication to creditors and so you starting point with BE is to give them the full facts as to why you wish to make this offer and to ask them to advise you what comments they would make to creditors when communicating the offer.
I would suggest that you put this to BE in writing (or email) and ask for a written response.
Hi Redfox
For an important offer like this email your IP at BE directly and Cc to your account manager or vice versa. In my nearly a year experience with them this has proved to be the best method for communication.
I guess the call centre part of BE must be really busy. Quite often emails and phone calls to the 'team' or messages to my account manager seem to get lost and the operators can appear unhelpful at times.
My IP Peter Jackson has always acted extremely helpfully and quickly when I have finally emailed him directly or him and the account manager jointly. My account manager is always quick off the mark when my IP gets the email at the same time.
I know I was really worried about emailing my IP directly or jointly with my account manager; but it has been the best way to get informed answers quickly via BE. Once you get past the switchboard they are really helpful.
Good luck
Im with BE & the call center can be busy & difficult to get an answer to your situation. Telephone Appointments often need to be arranged with your account manager. Ive sent in numerous letters in the past n never had a response, so I think the best thing to do is phone & ask to speak to your account manager or email you IP direct.
As you have no assets BR is a real option for you & a understandable one due to your recent change in circumstances.
I think your family friend is very kind to offer you his savings for a Full & Final Offer, and as long as you are both happy with the arrangement.
Though with BR you could put all this behind you & start again.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Many thanks for all the kind replies etc. I know BR would be a good solution financially for me but its bad for the creditors and really i do not want that against my name either if i can at all help it. Thats why i really favour a F&F as i really think it is best for both parties as the creditors get their money and i get enough felixibility to be able to continue to live my life. Thanks, will update the outcome etc.
Hopefully, now that BE have picked up on this, they can help you.
Let us know how things go.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
