Although I am considering and Short IVA (hopefully) do you think there is ant mileage in attempting to make F & F Offers in advance. As part of my job I negotiate Contracts and Final Accounts on a daily basis. Not with my own money though. I appreciate that the intervention of an IP makes the whole process less personnal and as such IP's will always see the fair aspect of the situation without giving priority to either party.
There is absolutely no harm at all in trying to negotiate settlements directly with your creditors - indeed most banks actually welcome this. But you may find out you spend your time chasing your tail in trying to find a decision maker who will actually speak to you and take your offer seriously - in the meantime letters, calls and charges will continue to be suffered.
My advice is to let seasoned experts do this for you.Visit www.iva.com and select from the list there one or two practitioners who will be only too pleased to give you free advice and recommend a proper course of action. Good luck.
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.
David...I think I certainly agree with your comments . Let those who have experience deal with the situation.
My only concern was that obviously as a plus point to the creditors would be the additional monies out of the F&F settelment they would receive if there was no IP fees to pay.
My intention was to submit a letter defining the alternatives available and the plus points/bad points for each
1.DMP...Would probably take 20+ Years
2.Traditional 60 month IVA.
3.F & F IVA - Get the monies quicker than a trad IVA
4.Direct Offer of F & F. They would then receive slightly more in the £ then they would under a F & F IVA
5.BR. This would obvioulsy be my last choice. I have previously circa 9 Years ago declared BR due to debts of a sole trading business. I know what is involved and I am aware of the stigma and embaresment. I am also aware of the attendance at the Official Receivers Office. I had to attend twice. First time was 5 Hours and the second time was 2 Hrs.My BR was a 3 year discharge.
Would me defining the above in my offer aid my offer. Would the creditors consider that I have passed the stigma element of BR and have realised that gossip and opinion only lasts as long as it takes for the next piece of gossip to unfold.
It's a DIY site, and they do have letter templates for you to use.
May or may not be of help.
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
Worth a try Dazza, but my gut feeling is that you will be looking again for professional support in three months time - having got nowhere with your offers.
No harm in trying as Melanie suggests and be upfront with your situation - in the end I believe expert help is the best in the end.
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.
Evening all. I still have more questions as I try and decide what are our best options.
1.If i decide to do a DMP and my wife an IVA, how would the income be calculated. My wifes income is about 20% of mine.Also how would the expenditure items be calculated. I presume that she could not be expected to pay only 20%.
2.One of our problems with an IVA is that I have a Credit Card with my current mortgage provider. The balance on the card is an amount that a friend of mine put on the card for the purchase of a timeshare when we were on holiday 2-3 years ago. At the moment he is making the minimal payments untill September 2010 when an Insurance/Savings Policy matures and can be cashed in. From what I have read all CC have to be cancelled and included with the IVA. If so this would be unfair to the creditors and in the case where I was to offer a F&F it would reduce the amount available and as such reduce the p/£ I could offer.
I apprecaite what both Melanie and David have written as I am certain that for many months I would only be able to speak to the Call Centres and as such would not be able to speak to a "decission maker". I just dont know what the options can be when I would need to maintain the card noted above.
I find this site really helpful in trying to reassure myself that there is a light at the end of the Tunnel. I really think that you are all doing a great thing for people in my situation as you create some hope. My only concern is that whilst you are providing a ear there seems to be so many company's that are exploiting the situation. I have even started to hear about them on my local radio station.
1 Yes it is generally accepted that combined expendiure is paid for in the same ratio as combined income - ie your wife would pay 20% of the expenditure.
2 Your friend has a debt due to you which needs to continue to be collected. The credit card debt is a debt of yours which has to be included in whatever debt solution you decide to plump for.
Melanie... So I presume that the Card Balance would have to be thrown into the Debt Balance and the amount that he is paying off the card would have to be combined with the amount that I can afford to pay on a monthly basis. Problem being how would this work in a F&F situation. Although I want this all sorted I dont feel that it is fair to make my creditors suffer. I apprecaite that in the scheme of things the amount in nominal, but ethics (call it what you will) makes this a little bit difficult to swallow.
Many thanks for coming back to me.
