Hi me and my husband have been in an iva with Cccs since oct 2007, we have made 51 payments into our iva and we had to pay 26p in the pound we have paid so far £17,697 and £2,971 in overtime. To get the 26p in the pound they wanted a total of £20,820 in total with the overtime we have paid in 20,688 Now my husband has just found out he is being made redundent with 3 months notice been in touch with cccs been told of different options available. if we offer full & final how much do you suggest we offer. ps he will probably get around £4000 redundency ps thanks for any advice.
You have another three months of salary anyway taking you to 54 months and you have reached the initial agreed return on the money. £4k is not a lot of money and will easily be swallowed up looking for another job so I would personally ask the IP if they could put a full & final request through with your payments up to the month he gets made redundant and see if you can keep your redundancy money for essential bills prior to him finding a new job.
They generally allow you to keep up to 6 months equivalent of your salary in redundancy, to tide you over while job hunting. That alone will wipe out the £4k, I imagine.
As Dave says ask for payments to the date of redundancy to be taken as full and final. You will be over the estimated return, so the creditors have got what they signed up for.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Dave and Foggy for your advice on our last 4 year review it said the final dividend is currently estimated at 30.87 in the pound which is in comparison to the original dividend of 26p in the pound, would they not expect to get this now ps I thought I would have to offer something as a full and final because of this do you think it would be accepted without offering anything thank you
Your husbands redundancy is through no fault of his own and his redundancy money is hardly a windfall it will be swallowed up quickly in bills prior to him finding another job. They were willing to accept 27p at the start so they may very well allow it now. I would speak to your IP get them to put it forward if they don't like it they will come back to you with an alternative solution I am sure then you can come to an agreement. Let us know how you get on x
hi just thought i would give an update on our full & final the meeting date has been set for April the 11th, as i said before at the start of our Iva they wanted 26p in the pound and they are now getting 26.79p so just hope they will accept this as they are getting a tiny bit more.
Good luck for the 11th April, I'm sure everything will be fine.
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
