his IVA to pay back was £13k but with their admin on top its £18k (hes with payplan)
The payments at the moment are £380 jumping to £450 in the last 19 months. We know for a fact we will struggle with this as we already do now.
Ive recentlt been made redundant and have just found out im pregnant too, plus we are wanting to move as the police are on our street more than the ice cream van!
we have kindly been offered £3k to settle this IVA
he has also had a considerable ammount of PPI recently paid in (around £5k)
he has paid on time every time and never defaulted, he has never asked for payments to be lowered etc keeps his meetings.
honestly what do you think our chances of being accepted are?
You don't say what the original amount owing to creditors was, which would be helpful.
However, just based on the figures you've quoted, an offer of £3k is unlikely to be accepted, as your husband presumably has 24/25 monthly payments left, so even if the payments didn't increase that's a total sum of around £9,000 to £9,500 if he carried on his current level of monthly payments until the end of his IVA.
That kind of figure is more what your husband should be looking at as a F&F offer in my opinion.
I think your offer may well be acceptable to creditors and congratulations on the upcoming birth. If you were struggling with payments before the redundancy there is no hope of maintaining them now so speak to Payplan and tell them.
Your husband will need to do a new I&E and the sooner the better as payments may need to be suspended until the full and final offer is heard.
Well hes had a conversation with his Iva people this morning and by sounds of it they weren't very helpful. Hes a bit upset about it at the moment so i don't know full facts but basically despite out outgoings increasing etc they have lowered his monthly payments by £20.
when he asked about f&f they said that my circumstances wouldn't count as id get child benefit and also ive received redundancy!!
1) child benefit will not cover the bills let alone anything else.
2) how rude that she assumes my redundancy payment would pay for baby and keep our heads above water! I have none of it left as i paid my credit cards off!
i would also think that as the Iva isn't joint it shouldn't be taken into account anyway!
no wonder my husband wasn't happy after the call!
what do you think we can do now? I don't want him to default as we would like to get our lifes on track mortgage etc especially with baby on way!
He should go back and demand a face to face meeting with his IP and have a full file review. He pays the wages of the staff and the IP and he is entitled to a service. He can also seek a full and final settlement at any time and the IP should go to creditors with this offer.
Hopefully he gets to speak to the IP and if not he has every right to make a complaint.
