hi again , well after a weekend of head spinning could I be cheeky and ask for more advice ?

[Justine]

hi again , well after a weekend of head spinning and not much sleep could i be so cheeky as to ask for a little more advice please.

would anyone be able to advise me on what would be an acceptable full and final figure to my creditors

here are my actual figures
42 monthly payements at 163.00 =£6846
ppi payout = £9978.69 (iva company are aware of)

debt claimed for
£11021.51 llyods tsb
£1015.21 american express
£784.00 barclays
£406.56 capital one
£953.76 llyods tsb
67.85 llyods tsb
total = £14248.89

not sure if i should have put actual figures but i am now at the point were i just think it would be easier to default the iva and have the creditors chase me again as at the moment im sure they cant be any ruder arrogant or as patronising as my iva company have been over the ppi malarky .

[Shining]

Hi sorry to read the IVA is giving you sleepless nights and the company aren't being helpful.

I'm no use to answering your post but will keep it bumped up for someone who is able to give good advice. x

[Justine]

hi lesley thank you for the reply its appreciated , that would be great thank you .

hope you have a great day

[GilliB]

Hi Justine.01. Welcome to the forum. To clarify, are you saying that the PPI isn't yet paid into your IVA? Are you wanting to make a F & F offer to them from the PPI payout? If the latter is the case, why not offer the balance of £7,402 and see if you can keep the rest? There's such a fuddle at the moment with PPI and how different folk are being told different things. What is your IP saying about it in relation to your own IVA arrangement? x

[MelanieGiles]

Is the PPI an asset which is being reclaimed for the benefit of your IVA by your IP? This matter is pretty fundamental to you negotiating an exit strategy with your own IP.

[Justine]

hi gillib , thank you for welcoming me here and also the reply im new to all this and not very good at explaining things either so please bear with me ill do my best .

i recieved the cheque for ppi payout at the weekend but i have problems with it and have to send it back (change of name issue)and they will issue a new cheque asap, i would love to offer this money as a full and final settlement they can have every penny of it im not interested in the money i only claimed the ppi as it was pretty forced by the iva company which i understand as they want as much money to give to the creditors as possible . i spoke to my iva company last friday and the rude person on the phone basically was telling me that all the money would go to the iva which i understand i havent hidden anything from them they are fully aware of the ppi payment i asked about finishing the iva and he said for me to do that i would have to pay back 22 thousand pound in total due to the company having 100% of there debt paid and also fees (again i understand there are fees to be paid) ,

i hope some of what i have said makes sence as my head is spinning and i dont know whether im coming or going again

[Adam Davies]

Hi

How many payments have you left to pay ? is it 18 ? if so an offer of 3k should be fine as this will return the original dividend plus the PPI claim.
Do you have an equity in your property ?

Regards

[Justine]

hi melanie again thank you for another reply sorry to be a nuisance , my iva company sent forms out from a company they had recomended but they wanted to charge silly money for fees so informed the iva company that i would apply them myself and keep them informed in which i have done also forwarded the letter confirming amount to the iva company . the letter explained because there was an iva in place they would inform iva company and speak to them about payment of this money so i was expecting the money to go straight to them so was quite taken aback when the cheque came to me dont know if its anything to do with the fact that llyods tsb have sold all the original debts on to other companies and have made what money they want as the ppi money is all from llyods tsb from numerous loans i have had with them over the years , with all this process i just dont know doesnt help im not the brightest bulb in the box .

[Justine]

hi andy thank you for your reply . yes there would be 18 payments left i am in rented accomodation so no equity .

[GilliB]

Hi Justine. Well done for sorting the PPI yourself, as you've no doubt accrued a higher return by not having anything deducted by a 3rd party company. Is your IVA company saying the PPI is an asset of your IVA? As Mel says, you really need to clarify this. Ask them to explain it fully, and to point out the wording of it in your arrangement. From there, you'll be better placed to see whether you could make a F & F offer. The figure Andy quotes sounds pretty good! Best of luck, and please let us know how you get on. x

[Justine]

thank you again gillib my iva company arent really saying a lot and as for all my paper work honestly i dont understand any of it theres lots of figures and big words and looks like gobledy gook to me . as for the ppi i cant take all the credit for actually doing it myself i did have a little help from a friend .lol.
will let you know how things pan out thank you again

[MelanieGiles]

I suggest that you specifically get your IP firm to write to you confirming that why they feel the PPI is an asset that is due to the IVA. They need to tell you exactly which clauses of your IVA proposal apply.

[Justine]

Thank you again Melanie and everyone else that replied and gave me advice i do appreciate it , I have taken it all on board and have a lot of questions to ask my ip . Wish me luck . P.S well done gillib on finishing your iva

[luluj]

Hope this is sorted soon and your IVA can be ended by way of full and final offer.

[Niobe]

Good luck Justine.