Hi, I've been reading about people settling their debts themselves with the creditors without an Iva or other debt solution and wondering about creditors we all have and who have accepted f&fs to finish the Iva and whose the most likely ones to want to accept the settlements as u need the vote of 75% still or Is it just pot luck basically all depending on how much you owe still and circumstances......
If you are in an IVA then you don't settle debts with your creditors yourselves.
You can't guarantee who will accept and who won't, especially if your debts have been sold on.
The vast majority are accepted though and I think it is still 75% by value of the creditors who vote on the date.
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
Pot luck really. I have seen low F&Fs accepted and high ones refused ( including at least one where the offer was more than they would have got if the IVA was left to run!). A lot will depend on the support ( or otherwise) of your IP, as he / she will make a recommendation in the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was just wondering really as myself and my partner were talking earlier about putting forward our f&f in a few weeks and as he's only creditor is lloyds for both of his and I have 6 outstanding debts but with only 4 creditors we was just wondering to ourselves about them accepting our offer bearing in mind 1 of my creditors said no to the Iva but is 1 Out of 2nthat I owe not a lot too, so we was thinking maybe they would prefer it over and done with but obviously it's only speculation only time will tell...kallis 2 of my debts were sold onto newlyn from my council, as they refused to speak to me even though I was paying the council at the time (quite angry at them personally as they were the ones who tipped us over the edge and get backed into corner to accept the Iva)
One other question I've just thought about is we have 2 Ivas interlinked so what about if my 4 creditors say yes to the f&f and my partners 1 and only says no what happens as the amount we are offering are for both so do we split the money and they take half of the f&f and give back the other as obviously it will be stated the money from my dad is for both Ivas to be settled ??? Maybe I should stop thinking haha #128514;
Thanks foggy, I best get my partner on the phone to meet our ip I only learnt what his name was last week hopefully he's a nice guy and can put our offer across nicely (fingers crossed at that one our last ip at cleardebt was really nice)
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
