I offered a lump sum payment to settle my iva totalling all the monthly payments including an extra year. this was dismissed outright by the adviser. is this normal? thanks neil
Simple answer is no - they have to demonstrate that the ip has said that this may not be a viable offer.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Your IP has to call a variation if asked to and cannot just dismiss it. It is the decision of creditors whether to accept and not your IP so back and complain.
Hi Neil,
The person my husband spoke to today has said the same thing. He has advised us not to go ahead with a full and final as the creditors will go through our I&E with a fine tooth comb and probably increase our payments as they say our allowances are over the maximum allowed. Not sure how this is different to the yearly review though.
Did they say why they wouldn't put the offset forward? We offered £7k, if we continued to the end we would pay back £8500. I thought it was a reasonable offer but I guess not.
If an offer is presented your IP is duty bound to put it to your creditors for them to decide. It is not for them to decide.
I would be suprised if your IP was even made aware of your offer ..it sounds like you didn't get passed the case worker stage.
Put your offer in writing to the IP and explain why you want to make the offer, where the money is coming from and ensure it states the money is only avail to you to complete a f&f offer. I would also put in the letter that you understand a meeting of creditors will be called to form this decision and understand once proposal is written the meeting should be 28 days later maximum.
Let us know how you get on.
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There is a solution for everyone .... Just need to stay positive !
Nmc - the explanation provided is not correct and misleading.
Do as luluj suggests.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
NMC. If your full and final is rejected your IVA stays the same and creditors cannot just increase your payments. That is untrue and misleading as Lifenoteasy has said so go back to your IP. Many full and final settlements do not even include an I&E anyway as the offer is early settlement or let the IVA run the course.
Your offer seems fine to me and the IP must put the offer forward. Some firms do not like doing variations as they have backlogs or fear a reduction in fees but that does not mean you cannot demand one be called.
when I first put my F&f offer to my adviser, I mwas told it was not enough, buit like you it was = to payments left.
I inform her I would sill like it put forward which my ip was happy to do and I got a yes.
IVA now over with and it was worth it.
now starting my life again,
I had to up my offer as it was voluntary redundancy I was using and I was also retiring but it was accepted.
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
Don't be tempted to offer more than you can give ... your offer needs to be reflective of time left x mthly payment plus any equity expected. A reduction in IP fees could be expected if it is going to knock 'years' off the duration of your iva ... see my previous response for what to put to your IP as an offer.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
