Getting closer to F&F settlement

[MRBLUESKY]

hi nicola while everybody,s cases are different,and need to be taken on there own affordability with the insolvency practitioners guidance and final say.if your sister offered £6500 as a lump sum with two payments of £444 on the understanding that this offer by your sister is only available if your creditors accept it to conclude your iva early,adding your job risk situation etc,this would give your creditors aprox 23 pence dividend with original full expenses to your ip, in my opinion this would be a good offer.for your guidance only, good luck.

[seagull]

Thanks Roland. I've just emailed my IP to ask for a bit more of a definite response and for her help and guidance in terms of what to offer.
Hopefully she will be a bit more positive this time!!
Your advice is helpful, I'm hoping for a lower offer than that and will have to discuss with my sister as to what she thinks she can let me have.

[MRBLUESKY]

good, your ip should help you with any questions you have, good luck.

[kallis3]

Good luck, and I hope you get a more positive response this time.

Keep us informed.

[seagull]

I emailed my IP yesterday,told her I had got my info regarding F&F from the IVA forum and said I wanted to discuss with her what she thought would be a reasonable offer.
Her response is to say that she is concerned that I do not fully understand the IVA process and suggests that I make an appointment to talk to her about this.
I still get the feeling that she is suggesting that I am not able to make a F&F settlement,ie:this is not a possibility.
She says she hopes I do not feel that she is trying to be unhelpful.
I don't feel particularly "helped" by her at the moment and find her attitude a bit condescending but I'll arrange to talk to her and see what she has to say.

[seagull]

Have made a telephone appointment with IP for 10.30am tommorrow.
Any comments/advice gratefully received.
Thanks
Nicola.

[MRBLUESKY]

good luck with your phone call tomorrow nicola.i think your ip has done a very good job for you getting a iva through with a 26p in the £ dividend.i,m sure she/he will help you,you are not a homeowner so your home is not at risk.you have done the ethical thing by entering into a iva rather than bankruptcy where your creditors would have recieved substantially less dividends,i dont no your particulars regarding your iva agreement, but i am confident that a full and final offer to conclude a iva is possible.before i go thought i would mention i had a full and final settlement approved today myself 3 1/2 years into my iva regards ronald.[:)]

[MelanieGiles]

It is great that your IP is wanting to help you by arranging a meeting. Whilst you will find helpful general advice on the forum, it is no substitute for the dedicated professional advice your own IP can give you from her own experience and knowledge of your case. I am sure that after the meeting you will understand more about her concerns, and do let us know how it all goes.

[seagull]

Thanks Ronald and Melanie for your replies.
And well done Ronald on getting your Full and Final Settlement accepted today. It must feel a huge relief and gives me a huge boost as mine is almost 3 1/2 years as well.
I'm hoping for a constructive discussion with my IP tommorrow and will let you know how it goes.
Nicola.

[Skippy]

Good luck for tomorrow x

[kallis3]

Good luck from me as well.

[seagull]

Thanks Skippy and Kallis, I really appreciate the support. Will let you know the position after I've spoken to my IP this morning.

[seagull]

Hi everyone. Have had a good conversation with my IP this morning. She told me that at the moment a Full and Final settlement might not be the way forward as my job insecurity is a worry rather than something that has actually happened, although my salary has infact dropped over the past 12 months. She also said that because I have made it a priority to keep my payments up over the last 38 months, that actually looks to creditors as though I can afford it, although in reality it's a real struggle to survive. She said that I shouldn't be struggling to make the payments and then "living on bread and jam!"
I am just finalising my income and expenditure for the annual review so she suggests sending that in, then she will have a clearer picture of what is happening.She thinks it might be better to ask for a variation to lower my payments rather than an F&F but she said it is ultimately my decision. I said that infact creditors might get more from an F&F at this point rather than lower payments for the rest of the term(21 months)and she agreed that they could look on it this way.
The figures are a bit different because she explained that the original figure of total debt was wrong as one of the creditors had asked for too much (they included interest)so she had already had that altered. This means that the original divi of .26p in the pound rose to .33p in the pound,she said this already was a favourable outcome for me.
If I go the full 60 months there would be about another £10,000 paid based on the current monthly of £444 so they would want close to that as a F&F.
I think if I can reduce the payments and keep going that might be the better option.
Anyway, Im going to get all the I&E off to her and then talk to her again.
She said that although she would not be encouraging me to pay less immediately,(ie:in the interim while she goes through the figures and potentially applies for a variation to lower the payments) this is an option as it would not breach the terms of the IVA until I'm 3 months in arrears and if that happened, she would issue me with a notice of breach giving 30 days to amend the situation.
She said that this could also be a point at which F&F could be an option if this happened.
So, I feel like it was a constructive discussion and she was very supportive and explained all the options clearly.
I'll get on with it and let you know the next stage.
In the meantime, any feedback from anyone,gratefully received.
Thanks. xx

[kallis3]

Much more hopeful Seagull.

I'm so glad that you have had a good explanation from your IP, rather than her just saying that you couldn't do it. At least you know where you stand now.

At least you can move on now knowing that your IP is being supportive.

Good luck, let us know what happens after your annual review.

[MelanieGiles]

You have had really good advice there and a number of workable options for the future. Your IP is absolutely correct to advise you that you should only think about making adjustments to the existing IVA if you need to, and not because you think your job may be in jeopardy in the future. The time to consider this ought to be when rather than if.