I would not put it forward without receiving details of your current income and expenditure Sadie. Is there some reason why you don't want to provide this information?
No there is no reason for not providing the information. However can an IVA company refuse to put forward an offer without more details? A family member has already written a letter to offer a full and final settlement for the IVA.
I need to know if an IVA company has a duty to send the offer to the creditors and not what they would like to do in ways of more information before they send the information. My inderstanding is that any offer I make should be passed the creditors for there consideration. Appreciate knowing who the IVA companies are registered under so I can make further equires and
Hi Sadie, it is my understanding that they should put an offer forward. However, much depends upon their recommendation and how they put the offer forward. If they just go to the creditors with, "My client has offered £X in full and final, take it or leave it" the offer probably won't be well received. However, if they can say something along the lines of, "My client has offered £X in full and final. I have reviewed the income and expenditure and consider that this is the best offer available", they might be more inclined to listen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your IP, and therefore your creditors, will not be able to assess the merits of your offer without knowing details of your current income and expenditrue - and for me this would be an absolute pre-requisite in putting the offer forward. As you say there is no problem in providing the information, then I would do so as soon as you can to assist your IP.
Normally a full and final is offered when circumstances change affecting the ability to maintain IVA payments.
Your IP will need to see your reasons and financial situation resulting from them for offering a full & final and then work out whether this is viable, as your IP has a responsibilty to your creditors and in realising as much of the agreed dividend as possible.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
