Just read your post and it has given me some hope. I am being made redundant next month and am hoping to use my redundancy to offer a full and final payment.
Can I ask you, did you decide on how much to offer or if your IP decided how much ? If I stayed with my IVA then I would be paying approx 25p in the £1, and was hoping to offer slightly more. Also did you and your IP arrange the F&F meeting before you were made redundant or did it all happened after ?
Not long to go now 12 months - hope it continues to run smoothly.
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
I've not posted before but have used this forum loads during my IVA.
I noticed a few questions about full and final settlement offers and thought I'd post my experience.
My full and final was accepted after 4 years and was just less than 50% of the balance that would have been due together with the equity release clause. I have to say that from a lot of the posts I have read on here, I was not hopeful of it being accepted as it was so short of the full balance but in actual fact, all the creditors voted in favour of accepting.
I think the best advice is to speak to your individual IVA companies who are in a far better position to tell you what is or isn't likely to be accepted.
That's excellent news Nat and welcome to the forum.
I agree that anyone thinking of doing a full and final should speak to their IP to find out if the offer is acceptable or not.
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
The whole conversation came up during my annual review, as it was the forth year I was required to get the house valued and confirmation that I couldn't remortgage etc to release equity. I had 12 monthly payments at £376 to pay and the equity in the house was just over £6000. I approached my Father and asked if he could lend me some money and he could only afford £5000.
I informed my supervisor who thought this was reasonable and put forward the proposal. I did make a further payment of £376 in the period from proposal to meeting. As previously stated, all the creditors voted in favour. Much to my delight and surprise!
Thank you Nat --- it's good to hear that creditors seem to be more accepting of our wishes just to get everything sorted early if a relative offers a lump sum. As has been said here before, though, they are fickle creatures
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Guys. To those who asked questions. I discussed everything with my IP/RM and we paid F&F enough to keep the dividend the same as the creditors would have received. As I am now jobless we also had to make sure we had enough to live on until I get another job and I also kept enough to retrain so I uped my skills for a better cahnce at getting another job. This was all discussed with the IP/RM so in the end we paid a little more than we would have had we just continued with the IVA to its conclusion. We were all satisfied in the end. Your IP cannot tell you how much to pay they can only advise. Our creditors meeting was last week and I was made redundant at the end of April but only received my redundancy payment at the end of June so we had to wait until then to call the creditors meeting. It was nerve racking as I was so worried they would want every penny I got but in the end they are human and were very reasonable and accepted the offer. I have to say that our IP and the Relationship Manager we had were fantastic and very supportive.
I now just have to get a job and things will be hunky dorey - went for my first interview today with a wonderful company so am holding and crossing everything that I get good news on Friday.
