I am offering a full and final in the first year of my IVA. The creditors were going to receive 8p in the £ over the full term. However my lump sum gives them 6P in the £. Do you think this will be acceptable ??
Hi Jd - it sounds reasonable but difficult to say for definate without knowing the background and where the monies are coming from etc. It will also bring the administraition costs down too - have you taken that into account when arriving at the 6p figure? Just in case you haven't already approached your IP about this beware that some IVAs may have modifications that you can't vary them within the first year. I've seen HMRC put this clause in before. If the meeting has already been called I would like to think creditors would accept it - it seems like a no-brainer to me. Good luck.
Sounds like a reasonable offer in view of the savings in admin costs, as well as them being able to clear toxic debt from their books. However, as well as low offers being accepted, I have seen generous offers being refused and much will depend upon how supportive your own IP is.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We had ours accepted within the first twelve months offering the remaining payments but not anything regarding equity, we never had any review just paid our money and got our completion certificate two weeks later couldn't have been any easier.
good luck.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi Lisa, IP is preparing my case to put forward to the creditors, will the creditors vote in post, hold a meeting with the IP ??. I do not want to loose this opportunity to conclude the iva.
Hi Bowman - As Foggy says they will be sent details of the variation and the meeting and given a proxy form to fill in to vote on the modification/s. There would be no reason to physically attend - if they have any queries they can just ask the IP beforehand but it should be self explanatory.
