Could anyone advise if this offer is likely to be accepted ?

[Alastair.19]

My partner and I are currently about 20months into an IVA. Unfortunatley due to ill health my partner is likely to be pensioned off by her company. The company are offering a choice of pension, 1 of which is to receive a lump sum of around 18k. We would like to use this to make an early settlement offer but are concerned this may not be accepted, if it isn't likely to be there would be a different pension offer she would take. Now we owe about 40k in total, have paid 2k off the debt, are paying the debt off at about 26p to the £1 of debt and are willing to offer 12k as an early settlement. Could anyone advise if this is likely to be accepted?

[lifenoteasy]

Hi

The problem is that if she accepts the pension lump sum before you get agreement with the IVA company they may be able to take it all anyway.

Get in contact with them now, explain the situation and make it conditional that the lump sum offer will only be accepted to support a full and final offer.

If there are no equity issues I would say that your offer is way too high based on current repayments and that £6k would still be a really good offer.

[Adam Davies]

Hi

It is a good offer to creditors

Speak to her IP and ask for the variation to be put forward on the understanding that the lump sum will only be taken by your partner if creditor agree to end the IVA with the lump sum

Good Luck

Regards

[longslog101]

I personally agree with life not so easy, it seems too much,

if the expectation is for them to get 26p in the pound in the chairmans reports that is £10.4k of the £40k. you have paid £2k of already so it leaves £8.4k to match what they expected over 60 months, less the supervisor fees for another 3 years probably takes it closer to the. £6k mark. Also no wife's income means the p in the £ could be less over the terms if based on your income only.

You mentioned pension plan B is that just regular income option ?

Also am with lifenotsoeasy they could take the lot so don't commit to that. I would personally be inclined to write to IP demonstrating that due to ill health likely to lose job and due to this would like them to considers final payment of £6k as money introduced from a third party (which it is in a roundabout way) but only on condition it is for full and final and that after fees this is roughly same as they would receive over the 60 month term.

To creditors money in the hand now is worth 2 in the bush so to speak.

I would be guarding the £18k Info otherwise ag reedy firm will just be thinking of their size of the pie from that.

I don't know who you're with, they might not be like that, but if they are and you show your hand your kind of pot committed ..... No I don't play poker [:D]