Hi. I have posted on here about making a full & final offer but I have a couple of questions after speaking to my case officer at Payplan.
They've asked for a letter from me and my partner (who has offered to pay it off for me). This is fine. They have also asked me to obtain a valuation of my property and redemption statement for my mortgage.
This isn't a problem either. My first question is, what are the chances of my offer being accepted? I currently pay £231 each month to Payplan. I have made 36 payments so have 24 remaining plus the additional 12 months (I'm assuming I won't be able to remortgage after the 5 years).
There is probably £20k equity in my property.
I am going to offer £7500 for full and final.
Payplan mentioned my creditors may choose bankruptcy over my offer.
Is this feasible? Is my offer reasonable?
They also indicated that it could take 3 months to prepare to put before my creditors and a further 2 months until I get a decision.
I have recently moved in with my partner and my outgoings will increase to a point where there is every chance I won't be able to make my payments to Payplan. My case officer has said that if I can't make the payments then not to.
I am aware that if I do this, my IVA will fail.
I have scheduled another call in2 weeks time (but I sensed Payplan wanted to delay this for as long as possible). We will discuss any paperwork I've managed to pull together (new household bills/letter from landlord) but I've said I want to discuss my payments going forward, which my case officer is happy with.
In the meantime, do I continue to make my usual payments? Also, can I insist that the full and final offer will reduce with each subsequent payment I make?
I appreciate this is very long winded. I would be grateful for any advice.
Hi -- that seems a fair offer. Yes, you can stipulate that the lump sum will reduce by each payment made in the interim, and Payplan always harp about BR --- they will try to put this option in the variation -- INSIST they take it out (there is no need to invite problems!).
Most firms will put together an offer within 6 weeks, then the creditors only need 28 days notice -- Payplan like to drag things out ( mainly due to the fact that their IP is overburdened !).
If you cannot make payments at any time ask for an agreed payment break --- this will not cause the arrangement to fail.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Definitely agree with Foggy - tell Payplan to remove that clause, I don't know why they are still doing it.
Do ask for a payment break and explain why.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
