On DMP with bulk figure. F&F IVA help

[davegas79]

Hi everyone, thankyou for your time.

I have been in the black hole of debt for over 10 years.
Currently I'm on a DMP paying £70pm to my creditors. I have a massive CSA payment which denies me the available funds for an IVA.

My brother and parents have offered to pay off a lump figure as a full and final offer.

I have approached the creditors via letter over the last 12 months offering varying figures upto 25% so far but none have bitten. I beleive my family are willing to put up 50% of total debt.

Someone mentioned a F&F IVA as an option as I do not have the funds to enter IVA at present. What kind of figures would I require for a F&F IVA????

Total owed = £22000
Current DMP = £70pm
Lump avail £11000

Further to, I may have access to an additional £200 per month later this year, would an IVA be a viable option if this does materialise??

Many many thanks for listening, and hope I have this in the right place.

Dave

[kallis3]

Hi Dave, and welcome to the forum.

I don't know whether or not creditors would be amenable to that figure, but you do need to speak to an IP and discuss that, and the fact that you may have more disposable income later in the year.

I recommend that you visit ww.iva.com for a list of reputable companies, or click on the expert link on the left hand side of the page. All the professionals who post on here come highly recommended.

They will advise you as to the options available to you and advise as to the best way forward.

[David Mond]

This looks suitable and please contact an IP by visiting www.iva.com and selecting one or two from those recommended. Their advice will be free and will be most helpful. Check on fees as you want to maximise the return to your creditors. Good luck.

[kallis3]

Oops! I missed a w out of my link!

[plasticdaft]

Could the family not fund the big debt to CSA and allow you to enter or at least try for an IVA??

[MelanieGiles]

I think that the offer of £11k is a good one to approach creditors with on a full and final basis, subject to you seeking specific advice from an insolvency practitioner. I have put forward similar offers recently and they have been accepted.

[davegas79]

Hi everyone many thanks for your time and responses.

Its great to know you believe I may have a chance.

What kind of fees would need to be paid?? or would this be included in 10-11K and what would the creditors receive.

Again many thanks

Dave

[Andrew Graveson]

Hi Dave,

The IP fees would normally be drawn from the funds you have available.

Getting representation to present your offer informally (as opposed to formally via an IVA) might avoid the need for you to enter into a formal insolvency (such as an IVA) though would offer less certainty of having a fixed point in the future at which the situation would/could be resolved.

[davegas79]

Hi Andrew thanks for your post.

An informal offer sounds very interesting. I have been trying this over the past 12 months on my own offering slightly more each time but not through an IP etc.

If I found an IP who would represent me for an informal offer, would this give me a better chance of having a deal accepted than just trying on my own.

Again many thanks for your advice.

Dave

[MelanieGiles]

Andrew does a lot of these sort of offers Dave. It might be worth giving him a ring to chat throught the options.

[Andrew Graveson]

Hi Dave,

The way in which such offers are presented is pretty important.

It might be that a chat with someone involved in the business could help you to secure your own agreements without representation.

[davegas79]

You guys are just great,

I will contact Andrew this week with regards to my situation.

Many many thanks to all for giving me some hope.

Very kind regards

Dave

[David Mond]

Just remember that an informal agreement to accept a lesser sum is not enforceable in law if at a later stage one or more of your creditors decide to chase you again. The IVA route does protect you and there are a number of low cost providers who charge low fees who will be prepared to do this for for you.

[Skippy]

Good luck Dave, I hope you find a solution x

[davegas79]

David Mond

Many thanks for your responses.

With regards to your last post mentioning comebacks if not done formally.

I was advised by the CCCS to write letters which I have done. They gave me a template which I have used. It ends with this:

This offer is made on the understanding that if accepted neither you nor any assosiated company will take any other action to enforce or persue this debt in any way and that I will be released from any liability. Please note that should this offer be rejected the lump sum will not be available.

I also request that if accepted, you will make an entry on my credit reference agency file relating to the above account as 'settled in full'.

If they had accepted any of my offers, would this not have been binding?? If I do a F&F IVA would this protect me?

Sorry to be a pain but one more quick question.

What kind of time scales are involved with a F&F IVA, i.e from payment made to reports being filed with credit agencies to when my credit would begin to be repaired in any way? are we talkin years or would the process be 6 months etc.

Again many thanks to all who have taken their time out for me.

Dave