Friends and family have clubbed together for full & final. Would this be of interest to creditors ?

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IdC30

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Post by IdC30 » Fri Oct 31, 2014 5:46 pm
IVA approved in 2014, creditors will receive 8p in the pound after 5 years in 2019. Friends and family have clubbed together, full and final offer would be 6p in the pound, would this be of interest to my IP, creditors.
 
 

winter_blues

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Post by winter_blues » Fri Oct 31, 2014 5:59 pm
Hi, it might be but they normally will look for 100% dividend payments - your remaining term multiplied by your monthly payments. Also, if you have equity then that would have to be factored in. Worth running it past your I.P and take it from there.
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Foggy

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Post by Foggy » Fri Oct 31, 2014 6:18 pm
As Winter-blues says, it is worth running past your IP. Sometimes they will accept a lower offer to get the money sooner and in one lump, rather than dribs and drabs which cost to administer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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