Hi I know this is a Iva forum but hope someone can still offer some light into my query.
I am currently on a debt management plan and have been thinking about starting a Iva, but of late a member of my family is willing to lend me a lump sum to see if it will clear my debt and then I can start a fresh.
I owe close to £45k and can offer 30% via a lump sum payment, so I will have £13500 available via family member.
The situation currently is that my review is up soon with the debt management plan and my part-time job is finishing next month so would have to lower the payments in the dmp which I can't imagine the creditors being to happy about plus it means it will take even longer to pay off
How would I go about offering the £13500 to them? would it be done via the debt management company or would I need to contact them myself or contact a different company in the sector to offer it?
Hi the offer looks a good one,you need to go through a IP to make the offer,you will have to pay IP fees to represent you on top of the offer,try 2 or 3 companies,i can recommend Melanie Giles who helps everyone on this site.
Last edited by MRBLUESKY on Sun Jan 22, 2012 5:01 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MRBLUESKY
Hi the offer looks a good one,you need to go through a IP to make the offer,you will have to pay IP fees to represent you on top off the offer,try 2 or 3 companies,i can recommend melanie Giles who helps everyone on this site.
Hi mate thanks for the reply.
Would the dmp not represent me then? as I was under the feeling that they would (saying that I haven't actually checked yet [:o)])
If the company you are with have a working IP,then they could help you,but there will be fees to make the offer as it is the same as starting a IVA, but it will be concluded early.
Last edited by MRBLUESKY on Sun Jan 22, 2012 5:07 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MRBLUESKY
If the company you are with have a working IP,then they could help you,but there will be fees to make the offer as it is the same as starting a Iva but will be concluded early.
I see mate so it would be £13500 plus the fee. What kind off fee roughly would we be looking at? as in what is the norm usually [:)]
Thats why its best to compare 2 or 3 companies,to make sure you get value for money.not sure about the fees with a upfront settlement,but if i was in your position,my first phone call would be Melanie Giles.
Last edited by MRBLUESKY on Sun Jan 22, 2012 5:12 pm, edited 1 time in total.
Hi Secure
My F & F was accepted when I owed £38k, when I offered £12000 including fees, so this is not a million miles away from mine. You will only know the answer to this when you discuss with a IP. I went with Melanie Giles who were excellent.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nepensioner
Hi Secure
My F & F was accepted when I owed £38k, when I offered £12000 including fees, so this is not a million miles away from mine. You will only know the answer to this when you discuss with a IP. I went with Melanie Giles who were excellent.
Cheers mate.
I take it by going through a IP that there will be a increased chance of it being accepted? rather than me writing to each creditor? (after all I will be paying them a fee)
If they do not accept I take it it just 'sort of' gets forgotten and I carry on the dmp? (until my circumstances hopefully change).
The majority of IP's will not put forward a F & F offer to creditors unless they think it will succeed, so I personally think you need to give it a go.
Should it get rejected then you are no worse off and will be back to where you are now.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nepensioner
The majority of IP's will not put forward a F & F offer to creditors unless they think it will succeed, so I personally think you need to give it a go.
Should it get rejected then you are no worse off and will be back to where you are now.
I got you mate.
If it got rejected then does the IP still get their fee or is it only if it gets accepted?
they will need latest statements from creditors and recent bank accounts and proof of utility bills if I remember rightly. When you make the call, they will tell you what you need. I think in your case also they will need letter from family member offering you the funds, make sure the letter states that the money is only available for this offer. Your chosen IP will advise you also of any other options you may have, once they know your personal circumstances.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nepensioner
they will need latest statements from creditors and recent bank accounts and proof of utility bills if I remember rightly. When you make the call, they will tell you what you need. I think in your case also they will need letter from family member offering you the funds, make sure the letter states that the money is only available for this offer. Your chosen IP will advise you also of any other options you may have, once they know your personal circumstances.
Ok thanks matey.
With me only contacting them (the IP) about offering a F&F settlements would they still need all of may bank account details, utility bills etc then? Its not a problem but thought as I was only contacting them to make the offer then they wouldn't really need it.
