I'm not an IP but it sounds like a pretty good offer. THe usual advice is to offer as close to the original dividend as possible (and take off a little bit ).
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nahdia
Hello all
I am about to enter my 12 month extension period and my family have agreed to help me with a full and final.
The total owing is about 84,000 by the end of the 12 month extension period I will have paid 72, 000. At the moment I have paid about 60,000.
I was thinking of offering between 10,000 -12,000.
What do people think will be a reasonable offer that is likely to be accepted?
Thanks in advance for your help.
Nahdia
Looks like you could be paying over 80p in the £1 , assume your circumstances improved dramatically in the last few yrs. I would consider it reasonable but I assume your not in any financial diffculty in meeting the additional year
No I am not in financial difficulty, but as a government contractor, some of the forms ask whether I have been in an IVA etc, so far I have avoided having to fill in tenders, but this situation is likely to become more difficult for me to manage.
I would advise you to make your offer based on the current level of outstanding contributions, whatever that figure is - but ultimately it depends on how much your funder can afford.
Just so that I fully understand your advice, are you saying that I should offer an amount that is closest to the £84,000 that is the full total amount involved?
The maximum I think I can offer will be £12,000 - so they will get the maximum they were likely to get from me between now and the end of the 12 month extension, upfront.
Let me know what you think, (plus any other IPs who may pick up on this thread!).
£84,000 was the full amount owed to creditors. The arrangement was to pay 60 payments of £1,000 and then an extension of 12 payments if I was unable to release equity, which I was. So the maximum I would presume I would be required to pay in will be £72,000?
Would that be a correct interpretation on my part?
Yes - so you needed to pay £72,000, and you have already paid £60,000? If correct, then I would say the £12,000 you intend to offer is a good result for creditors, but you will need to chat this through with your own IP who has detailed knowledge of the background of your case.
