As long as you state clearly that the money is only available IF the F&F is accepted, there shouldnt be a problem. I see you have already said above that you will not be getting the money if the offer is unsuccessfull.
Just be very clear about it in the letter to your IP and all should be well.
Yes make sure that the F&F offer is conditional on acceptance by creditors before the lump sum comes in!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
My supervisor says that they will probably get replies in by fax on the Mon and Tues. However, supervisor says they could ask for more which the Supervisor will negotiate and would mean me scrambling to cousin etc for addtional fees if I could. Does this sound right? Ideally I dont want to keep haggling over the settlement and hope if not accepted to get some guidance. However, the feeling I get from this site tends to give me hope that with the possibilities of redundancies or severe salry reductions at my workplace then my offer will be accepted as a F&F. Thoughts??
You should only offer what you can afford, as no doubt your relative will need to be repaid eventually. If you are making your best offer, stick to it and ensure that your IP is putting the best case forward for you. Personally, I do not see creditors asking for more money in this type of scenario.
In my opinion offer around 85% of what you originally promised. In my experince this usually is acceptable. Good luck and tell your IP to be robust and not to haggle!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thinking ahead. If Please G-d my IVA settlement F&F is accepted of £4,500 then I hope I dont have to pay anything else on top in the way of fees/admin etc as the £4,500 is the most that I have been offered by my uncle.
Does that mean £4,600 or £5,500. Not really sure what is meant. I can only really get together from my uncle £4,500 so why would the supervisor want more?
What Andy has said - keep your monthly payment ongoing until your F&F is accepted at £4,500.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Will do obviously. The meeting is scheduled for 13th Jan at 2pm but supervisor says they will get most replies via fax on the previous day. My next payment is due funnily enough on the Monday 12th Jan. What happens on the 12/13th? Will the supervisor ring me straight away or write?? Its a bit like awaiting your exam results !!
Yes, you will just be paying as normal until such time as your F&F is accepted. Otherwise, if for some reason (heaven forbid), it is declined, you won't be in arrears.
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
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi Guys, well Monday 12th / Tues 13th is nearly here and I am starting to get very very nervous about acceptance of my F&F . Like waiting for exam results or the like. I really want them to accept my offer which I feel is reasonable and in the light of job losses at the firm I work at in similar positions to mine or severe salary reductions, I hope it goes through. The proposal did state this too. Sorry to come on here to get my ego massaged and to ask for an arm round my shoulder but am so nervous for the variation decision !!
Last edited by JB1520 on Fri Jan 09, 2009 7:43 am, edited 1 time in total.
