Just made a F+F offer

[chris5678]

currently on short time at work at the moment with redundancies likely in coming months so my mum and boyfriend have said they can gift me £4000 as long as the offer as it finishes the IVA the is about 32 months left to run on the IVA currently which works out at about £7000. could melanie or any of the other experts put their opinion on my offer do you think I have a good chance of it being accepted?

[kallis3]

If you only have £7k left to pay, then I think £4k sounds like a good offer.

[Lisa2009]

It does sound like a fair offer as you would be saving on some of the fees anyway.

Best of luck with it, i hope its accepted.

[Adam Davies]

Hi
Under the circumstances it sounds a very good offer. Speak wityh your IP and see what thay have to say
Regards

[MelanieGiles]

Probably a little low in my eyes, but if you could show that you cannot afford to pay your IVA contributions in the future - which I assume is the case due to your short time working - I would have thought that this has every chance of success if presented properly.

[chris5678]

yes melanie short time working plus the was 35 redundancies last week very likely that more redundancies will come soon or they may even shut the place I have put this in the letter. and if i do lose my job i would not be able to earn the money im currently on so bankruptcy would be my only option.

[David Mond]

It is a little low - I would expect around £5,750 to £6,000 under normal circumstances - however as you have stated the fact that redundancy looms and you are on short time working is a major plus factor. Ensure your IP articulates this in any report submitted in poutting the £4,000 forward - good luck.

[chris5678]

I'm suprised you all saying its low because I posted 6 months ago saying I was thinking of a final offer and said 5k then and you all said its a good offer!!!

[David Mond]

But you are now coming back with a £4k offer!

[chris5678]

but have made 6 months payments in the mean time surely the closer you get to finishing the iva you put a smaller offer in! also I missed a couple of payment after the 1st year would this help my case for the offer being accepted.

[David Mond]

Normally 10% to 15% is what I think the norm is and where I would make recommedations to creditors. There is also the position of IP's fees to sort out. Have you discussed yet with your IP?

[chris5678]

what do they usualy charge it is debt free direct im with i thought with the full and final offer ip fees was in the 4k figure!

[David Mond]

Don't really know - but they may discount the supervisory fee that would be due to them if the IVA had lasted its full course - why don't you ask them?

[chris5678]

I will do on monday. So when you make a full and final offer does that figure you offering not include the fees to my IP or are they always seperate.

[David Mond]

No your full and final is just that - my concern is what amount of fee will come out of that which would then leave a balance to your creditors and whether that would be enough!