Spoke to payplan about offering a f+f offer on mine and my wifes iva. They told us the total was £11, 000. My uncle said he wants to give us money and pay off the iva. When I rang payplan today they said the total didnt include fees etc and it would total closer to £30, 000 what we owe!!
Are you confusing your original proposed minimum dividend, with 'what you owe'? (which is ALWAYS 100p in the £ + your IP's fees - usually 11% for 'additional realisations'. This is over and above your agreed min. dividend).
Without knowing your full circumstances, it is always difficult to advise. But, I guess there is no harm in proposing £11k (or whatever takes you to your original minimum agreed dividend, deducting payments to date), provided that is seen as the best possible offer.
If the creditors don't accept, you just carry on with the IVA as normal.
Good luck.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
Mitch -- they can't add fees on to the payments due under the terms of the IVA, which are what you base a F&F on, fees are included in that agreed dividend.
The bottom line is that it is your right to make a F&F of whatever you feel reasonable and affordable, based on monthly payment x number of payments left.
They will only expect over and above this if your uncle gave you the full amount he originally intended to --- but, as he is now only offering the £11k for a f&f, that is what you offer.
It is then up to the creditors to decide if they want the full agreed dividend in a lump sum now, or wait a few years and get it in dribs and drabs.
You have to bear in mind Payplans stance on this, being an organisation largely funded by the creditors, they will try to get as much as possible back ( not forgetting their percentage of course). (Thinks: am I getting cynical?)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes my uncle is giving us £25k. We owed £28, 000 but with the iva £12, 000. To be honest I know nothing about ivas we went into this one unawere of anything. My uncle has now said he will invest our £25, 000 in premium bonds then in 4 years time when iva is finished we will have a nice fresh start with £25k in savings. Im not wasting £25k paying iva off and for it to get tipped down the drain. We will continue to make our contribution of £200 a month for 4 years then as I say have a nice nest egg
Wow! what a generous uncle! from what ive read i think its a sensible idea to carry on monthly iva and let the 25k be there for you at the end plus any winning bonds you get in that time!!!
I think Mitch has a projected £11k in payments, but asked his IP what he owed --- which, of course, is the full original debt plus fees (original debt around £28k).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
