I hope it works out for you. An IP or DMP Company who have the expertise would not have charged a lot of money in doing this for you. Anyway, fingers crossed and lets hope you are successful. Always remember professional advice is normally the better option than trying to do it yourself. Your a teacher which requires special skills which takes years to obtain - you would not expect a non teacher to teach a child a specialist subject?
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.
Yes I agree and I would always be inclined to employ a specialist and others have said the same, but i did seek prof advice and the advice i received was that as i only have 1 creditor, it was better in the 1st instance to send in a proposal myself so that the creditor could see i was trying to maximise their return, which hoprefully they would look upon favourably. If this is unsuccessful, then to ask an IP to deal with the matter.
The letter i sent was based on the template letter on here and Andy read through it before I sent it off and said it was perfect.
Bit worried now!
Last edited by bb1979 on Fri Dec 19, 2008 8:55 am, edited 1 time in total.
Please do not try to worry, wait and see what they say first.
If your creditor does not agree to the offer then it still might be worth approaching an IP for advice.
It is sometimes possible to get the creditor to agree to a full and final settlement through an IVA (even if there is only one of them) if you have already tried to negotiate with them and they have have not been able to help. The problem is that when you approach a creditor directly, you cannot always get to speak to the right person. I have encountered this many times with my clients and have usually come up with a good result for them.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Yes - don't worry and see what response you get. You can always email me for free advice.
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 David
I am sure that you would agree that the best advice in BBs circumstances is to approach the creditor direct, remember they only have the one creditor and in this instance, as I am the only person with thr full details, I stand by my judgement that this is the best route for BB and their sole creditor.
If it is declined then yes the next step is to employ the services of a professional.
All advice from the experts on this forum is free David
Regards
Its been over a month since I sent the letter off and I haven't heard anything at all from my bank.
Beginning to think that they're not going to take any notice until I start defaulting on the payments.
Should I wait a bit longer or should I just stop borrowing the money from my family each month and stop paying it?
I was thinking I'd maybe stop paying and then write them a letter, referring to my earlier letter advising that I haven't received a response and that as advised I can no longer make payment and put a copy of my last letter with the offer in with it.
I would badger them persistently until you get an answer. Perhaps your letter has been lost in their system, and they are not aware of your offer.
Andy's original advice was absolutely the right thing to do, and you are making a good offer given your circumstnaces, so I would make some enquiries and try to find the name of the person who might be the decision maker there.
If Andy could send me the details of the creditor, I can make some enquiries or may already know who might deal with this.
The Insolvency Exchange represent this creditor when it comes to voting on voluntary arrangements, and are sure to have a contact in HBoS who could deal with this. See how things go for the next week or so, and if you still get no joy contact me via my website and I will see what I can do.
I would call to be honest - get someones name who is going to take responsibility for your settlement - and hound them until they accept or reject your offer.
I am surprised that you have not heard anything from them - keep hounding them!
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.
