I know there have been questions on this before but I was wondering if you could advise me on my details for a F&F settlement.
We have been in our IVA since June 2006 and have always paid £355 per month with 35p/£. Our total unsecured debt is £40104 with total amount to creditors £23430.
I have just returned to work after having my son, and my partners work has become a lot tougher as he is a double glazing fitter and the money is just not there at the moment and we are really finding life an almighty struggle and we are starting for the first time wonder where money is coming from to pay the IVA, Mortgage, Child Care and its now begining to worry us.
My mum has some money coming to her shortly and has offered us some money to hopefully pay it off, this would also help her to carry on having a monthly income but it would be a little easier for us as we can drop the payment a little and would be a big strain off us if we can pay it off.
It is working out that we have paid so far £10,295.
Our IP has been fab and helped us emensly over the durantion and we could not be happier with them (Accuma) but if we can we would love to cut our ties.
I suppose what i am trying to ask is when i speak to my IP what figure should i say i know my mum is looking to lend us between £5-7000. Would this be acceptable?
Your thoughts on this would be greatly appreciated, please dont think bad of me at the end of the day its only us that can be blamed for the troubles we have got into and i certainly dont want to come across as woe is me as i know there are alot of people on here with the same problems.
£7,000 looks good to me so speak to your IP explain the situation and hopefully he will agree to put an F&F to your creditors for you.
Let us know how you get on. 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.
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
Thank you all for your replies, i will have to speak to my mum when she returns from holiday to discuss this further, but in the meantime i will call our IP and have a chat with them too, as i said in my las post they have been so helpful and supportive which has made this hard situation just that bit easier to cope with.
Hi there, its me again, just wanted to update and ask for advice.
We spoke to our IP and basically told them that we are struggling to pay the monthly repayment at the moment, and my mum had an insurance policy pay out and she is offering to lend us £6500 to do a F&F on our IVA.
My partner has had a call today asking for bank statements, and if anything on our I&E form has risen drastically in the last 12 months provide an explanation.
Is this right should we be having to provide this for a F&F agreement.
I am now worrying that if they say no we wont be able to afford our payments and then get made BR.
i am just a little concerned dont get me wrong we have nothing to hide, its pure and simple we are struggling we have a little boy now and our monthly outgoings have gone up due to childcare and yet our incomings have dropped due to partners work and the current climate!!
I've not heard of them asking for that before either.
You need to impress upon them that if you can't make a full and final offer then it will result in you going bankrupt.
It is in no one's best interests now for the IVA to fail.
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
would it be because they are asking for proof of tax credits?
I know just writing a letter to them now explaining everything and my fears of this failing
Claire
good morning i was wondering if any of the experts were able to answer my query i have typed up my letter and its ready to go just wnated to know if the bank statments were right
Claire
Hi
I would send in any info that your IP needs.
Your IP will be putting a new proposal for your variation meeting and will want to be sure that you are struggling with payments, hence the statements. They have a duty towards your creditors as well as yourselves.
Regards
Andy is right. Your IP just wants to be able to confirm to creditors that the IVA is in danger and that there are genuine reasons for early settlement. This will make acceptance of the variation much more likely.
Thank you all for your replies I have got everything together now and will be posting today and will just sit back and see what happens, though scared they will say no even though they will see how much of a shortfall we have!!
But that is me being the ever pesasmitic!!
Just a quick update for you all our court hearing is tomorrow to find out if the F&F that we offered is going to be accepted or declined. and I cannot help it but i feel sick to my stomach almost as bad as the first time around waiting to hear if the IVA was accepted. My other half is more hopeful then i am i am just seeing doom and gloom.
Just had letters around at work too saying there are redundancies looming which has made me feel even more insecure!
Anyway Accuma (now someone else cant remember their name hehe) has said they feel we have a good case but i am just feeling very negative.
Once i hear i shall post on here to let you all know. Hopefully they will accept it not sure what to do if they dont!
