I have just made my 50th IVA payment out of 72(12 month extension due to no equity in property). I would like to know whether a F&F offer may be accepted by my creditors now or in next 6 months if the dividend decreases a fair bit if full term is not completed. Roughly how many pence to pound may creditors be happy to lose if f&f accepted? I know this is hard to say but a rough estimate i will really be gald to hear.
Hi. I am not sure that you can just submit a full and final settlement, without good reason..ie your health deteriorating or redundancy etc.. Are you now having difficulty? Have you been offered a sum of money by a family member or friend? or have you come into a windfall? If it is the latter (windfall) then you may have to pay this across in addition to future payments. I am afraid the best person to speak to with regards to this is issue, is your IP. Every case is specific to the individual and it is difficult to advise accordingly. When submitting a full & final offer it is usually advised that you submit as close to the original dividend as possible including any equity due for release. Hope this helps.
It is possible, and has been done, to offer a F&F based only upon the fact that you wish to be free of the encumberances of the IVA and get on with your life! However, in this sort of instance the creditors would want to see at least what they were expecting to get from the outset, including any future returns expected (ie equity).
Sometimes the reason can be that the sum has been offered by a third party and the offer won't be on the table for long.
In essence, they will only consider losing more money for good reason. Balancing that is the fact that some creditors would rather have a lump sum now as opposed to dribs and drabs. They can also clear another toxic debt from the books.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
normally 10p in the pound...from personal experience try and gain independent advice from a financial advisor tho as if you f&f the company you set up your iva with will lose their fee as well,so they may well be a little biased with their advice and thier effort of trying to f&f for you may not be in your best interest.hope this helps
Hi 12878. The amount depends upon all of the relevant circumstances, so is a truly variable feast!
If the offer is near the expected dividend, the IP fees in many modern proposals being a % of that dividend, the IP will get the same fee for effectively less work, so, in fact is very likely to be supportive !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
12878.
I have posted behind you on a different thread and thought you were just a little naive. However your advice is flawed and dangerous and no one in an IVA should speak to anyone other than the IP to discuss creditor settlements. IPs are licensed, bonded and regulated and their advice has to be sound, unlike frankly yours is!
