Hi, I have an IVA with GT now Aperature. It has 14 months to run I pay £140 per month leaving a total of £1960. On speaking with an adviser at Aperature earlier today and asking if I could pay the £1940 in advance to end the IVA I was told that the process could be a long drawn out one, that it could take up to 3 months to hold a creditors meeting to find out if they would agree and that I would have to make them a good offer to make them accept the payment maybe even pay more than I would had I just paid the £140 over the course of the IVA! That to me sounds a little wrong, the creditors would be getting their money earlier and that can't be a bad thing surely...? Am I being advised correctly and what should I do as I just want this to be over so that I can set about saving to get on the property ladder.u
The person you spoke to is, quite frankly, talking out of their backside because they don't want to do the work.
Once you have provided them with the details and proof of where the money is coming from they have to put this offer to your Creditors within 28 days.
The offer itself does not have to be more than the payments left at all, most Creditors would accept the amount left to pay and even a reduced amount as they will be getting the payment early.
As ST1100 says --- they are blowing hot air! Both creditors and the IP will be getting what they signed up for earlier as well as saving the admin costs of accepting small payments over the year.
A F&F often takes 3 months , but should only take around 8 weeks, if the IP pulls his finger out. First he does have to spend a little time drawing up the variation and, sometimes, making a case (which is usually only significant when they are looking to pay less), then he has to give 28 days notice for the creditors to consider and vote.
It is not up to your IP whether or not to put an offer forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - by the time they call and hold the meeting - if the proposal is accepted you will still have over a year left of contributions left to run so it would be worthwhile from your point of view to put this behind you.
You credit rating will still be affected etc until the IVA has closed and 6 year mark has passed but you will be in control of your finances again in the meantime.
In any event your IP has no say in it - if you give them all the necessary info they HAVE to call a variation meeting.
Hi, I'm also with aperture now and me and my partner is thinking of doing a f&f due to change of income in the next month, the lady I spoke to said it would take 6-8 weeks and would be very simple and quick in our case, we have only been in our iva since August/sept 2015 so can't see why it would be a problem in your case as it ends all the work they have to do for you for next year or so maybe they are just feeling lazy.
Although I received an email from the variation team basically saying we will need to basically give the lump sum owing that's left as we've not paid too much in and would need a good enough reason as to why we would be offering a lump sum lower than what we owed to our creditors....made me worried as my dads not got that much and would not be willing to give me that much and we would end up failing our iva. From having two people from aperture telling me it would be easy and simple to an email like that I'm not quite sure what to think
The problem here is that what you get told does depend on who picks up the phone, how well they are trained ( some, it seems, are not trained at all) and, I am afraid to say, whether they had a row with their boy/girl friend/partner over breakfast!
It IS a simple matter and only takes a couple of weeks to draw up and 4 weeks notice to the creditors.
I have seen fairly low offers accepted -- but, I have also seen generous offers refused ( at least one of more than was outstanding!).
I have to say that Grant Thornton (as Aperture used to be named) did my F&F in record time and it was accepted with no problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
foggy I totally agree with you On that one I say the same about my council haha.... I don't think our offer we are thinking of is that bad tbh but the email I received is worrying me as in our circumstances its this f&f or nothing tbh our payments are low as it is as I was receiving a benefit at the time no one considered if I'd lose part or all of my income really and if we look at the figures individually my partner doesnt even qualify for an iva I don't think, I'm guessing that's why they said about putting my partner in one with me as our debts weren't massive from the offset it was just bad timing a debt came out of blue where i was actually paying a small amount but the creditor wouldnt listen an gave it to a debt agency. Now we are facing maybe failing our iva as my benefit will be reducing and my partner will struggle to try and keep us afloat with all the living expenses plus the iva to pay.
I am wondering if this email is a standard one though but it would seem if you don't have a good enough reason to end your iva early they wouldn't put it forward but all we can do hope and will keep my fingers crossed Bradley.m did they send you an i&e etc explaing about the f&f or was just a point blank no can do ?
I suspect they are perhaps trying it on to dissuade you from amending your IVA and going through the minor hassle of dealing with a variation but they have to call a variation meeting in accordance with the terms.
At the end of the day creditors have to decide whether to accept or leave you to go BKPT. if they let you go BKPT they will get a lot less or nothing at all compared to accepting the F&F.
We are personally hoping that they take the £5000! Gifted to us from my dad he's on board and understands how an iva works now he'd never heard of it before haha
As basically it would have to end up in bankruptcy and we really don't want that so the current total is around £9800!with £5000 f&f plus £2054 plus an extra 2-3 payments £300-£450 plus the extra £2098 from ppi it can't be that bad for them to say no would it surely it's better than gettin nothing a few of my creditors only have about £400 each that I owed surely they would prefer to get it over with for such a small amount ?
Bradley.m have you spoken to aperture again about your f&f ?
