My full and final offer

[Cap781n]

Me again hope you guys are all well

heres my full and final offer... if i can get some feedback before putting it through... (most of it copied and pasted ) I did go on about my life story and i dunno if it should be there or not. Thanks guys

Dear Sir/Madam

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

I have been advised by my local mechanic that its time that I look into selling/scrapping my car. As you can see from the last MOT there is excessive corrosion on the underside of my car and this is to get worse. Currently I have the car booked to get the exhaust replaced as the back box has popped. There is a knocking noise coming from the rear of the vehicle and a screeching noise coming from the engine. I'm worried as due to the age of the car it's getting more expensive to maintain and don't want to end up in a situation without a car.

A couple of times I was given the opportunity of place the IVA on hold to help me financially, but chose to struggle instead and to get the IVA completed sooner rather than later. Its now becoming very hard financially and emotionally .

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 31/08/17 And then offer the lump sum and conclude my IVA.

The lump sum of £**** is coming from a friends personal saving, on the understanding that it is only available if used to conclude my IVA.

The sum of £**** will only be available if the offer is accepted by the creditors. If rejected I intend that the IVA continue on the currently agreed terms. This offer is made on the clear understanding that, if accepted, all the debts would be settled in full and we would be released from any liability.

I hope creditors will look upon this offer favorably 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 31/08/17

[Foggy]

Looks like you have covered all that is needed.

[kallis3]

Sounds good to me as well!

[Cap781n]

(insert kissy face smiley here)

thanks guys, wish me luck

[kallis3]

Good luck!

[Cap781n]

Hi guys, sorry to bring old post back from the dead... all the paper work has been posted off and now waiting,, but after going through everything a million times again and again. I've noticed my letter kept saying I, I and I instead of we we, we. As this Iva is with my partner, I'm worried that they might go clearing it for me and leaving the mrs out

But luckily I did get this sentence in, "if rejected I intend that the IVA continue on the currently agreed terms. This offer is made on the clear understanding that, if accepted, all the debts would be settled in full and we would be released from any liability."

I got a 'we' in there

I'm gonna ring in on Friday to speak to my supervisor, it might just be nothing as it's always me that talks and corresponds with them. Both of us are under a joint IVA (as they say )

What are your guys thoughts. Thanks

[Foggy]

There shouldn't be a problem if the IVA's are interlocking (as they usually are when there is one monthly payment and one annnual review). Although two arrangements, they are effectively treated as one and to clear one and not the other they would have to be separated first. Although, for the avoidance of doubt, I would drop a line to your supervisor sooner, rather than later.

[Cap781n]

Thanks foggy, I called em yesterday and they told me not to worry as all they need from the letter, the amount offered, reasons and how it's to be paid. Was told not to worry as we're on one Iva... after reading your response I emailed last night just so there's something written.
Thinking about it now should've retyped the letter and sent it with the email as on the phone I was told that there's a back log before they even draft my proposal

[Cap781n]

Hi guys just got my response back from my full and final offer.. with a proposal that they want to pass to the creditors.
It has my offer and £500 early settlement fee and £400 charge for variation fee?
Is that right? Can they ask for both fees

[Foggy]

Hi guys just got my response back from my full and final offer.. with a proposal that they want to pass to the creditors.
It has my offer and £500 early settlement fee and £400 charge for variation fee?
Is that right? Can they ask for both fees

They can ask -- but both are a bit cheeky and not usually passed on to the debtor --- the £400 is a usual addition to fees for the variation "meeting" and, as I say, normally gets absorbed into the rest of the fees. That £500 is a real slap in the face -- they are asking you to pay them a "fine" when they are actually saving themselves time and money in the long run anyway (assuming your offer is close to what would have been paid over the term and fees are calculated on a percentage basis). I have to say this is the first time I have come across this.

[Cap781n]

im confused here now... ive just got off the phone to them and theyve just said the fee's are for the creditors and not for me, all i'll be putting forward if my full and final offer that ive submitted. ive wouldve assumed the variation fee? but hey ho... date set for the 3/10/17

[Foggy]

That sounds more like it -- they are just incorporating the extra fees into the offer (albeit clumsily, it seems).

Best of luck for the 3rd October.

[kallis3]

Good luck from me as well.

[Cap781n]

meeting tomorrow 10:10am... bricking it... dont know why but just am

[Foggy]

Hang in there -- not long ... Good Luck