Hi,
Please can you help I would like to make a full & final offer to pay my IVA early. I have 39 payments left at £383 per month.this incluides a extra 1 year due to having my own house. the money would come from me cashing in early my private pension of £11,635. and help from my parents.what would be the best offer they might accept. thank you.
OK -- first -- DO NOT cash in any pension before agreeing a full and final from the proceeds -- otherwise the creditors will grab it anyway unless your pension proceeds have been specifically excluded as an asset.
Assuming you do need the 12 months for equity ( are you confident it would be over £5k?) the creditors are expecting around £15,000 over the rest of the term.
I would volunteer to cash in if they accept the proceeds of £11,635 in full and final settlement -- make it clear that if they do not accept the offer you will NOT cash in and the IVA will run it's course.
You can top the offer up with the help from your parents if needed -- but try not to be spending their money if not needed!
Finally -- do think carefully before drawing down any pension -- this is there to provide for you when retirement comes around and you will need the best pension possible come the time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you so much for your advice,yes I have over £5k,how do I let them know by e-mail, I am with creditfix,and is there templete I could use on how to word it,Thank you once again.
Creditfix are notorious for slow responses to emails -- but, apparently are very good on the phone.
There was a template prepared by Lisa Thomas, but will have to be very much adapted to your own offer -- I shall see if I can find it and post a link.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Most firms are loathe to tell you what would be acceptable, as it is down to the creditors at the end of the day. Bear in mind, however, that they will be saving a bit in admin over the next few years.
Hopefully Lisa will see this tomorrow and comment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Would it not be better to just let the IVA run its course. I agree with Foggy that cashing in your pension may not be the best idea unless you will benefit from being out of the IVA.
It would be best me paying off my IVA.rather than waiting another 3 years plus. I know I have to wait the course credit wise.but I can get on with my life.and put my IVA behind me.
Hi All, I am about to send my IP e-mail of a full and final offer,can you please tell me if i have worded correctly,I am not really good at this.
" I willing to draw down my private pension to put forward as a full and final offer to my IVA estate of a sum of £14,554 If the offer is rejected.I will not draw the pension down and it will not be availabe to the IVA estate.
Your wording is fine but some firms can be slow in proposing variations. You could therefore offer the amount of £11,635 from the pension and £2919 from your parents. The parental contribution would be reduced by £383 per month for each month that it takes to summon a meeting of creditors so you do not end up paying in more than you have had if you let the IVA run its course.
