I am with CF since the transfer from PJG. I have been asking CF for a final figure to clear in full my iva and costs in order to consider voluntary severance should it crop up this year.
I need this information before I can make any application as without it, I cannot make an informed decision as to my future.
I would be leaving a career for which I would normally have 22 years service left to complete, having 13 years down already, so would need to factor in financial viability as I would need to retrain etc probably for a job not worth as much money.
I know some people would say stick with the IVA, however, having been missold a Debt Management Plan for 5 years believing it was an IVA only to find out it wasn't then being in the iva for 3 years, this is the best opportunity to becoming debt free and having a new start financially and careerwise.....if only CF could give me a figure!! Other than the money outstanding, would I be hit by any other fees, penalties for full repayment before the end date??
CF told me to apply first for voluntary severance then they will give me the figure, without understanding the need to have the figure first to make the decision in the first place despite simple explanations by me!
I can't believe I'm about to say something positive about CF - it's almost impossible for them to determine that and PJG would have struggled.
My guess would be equivalent of 4 years payments to make it attractive.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
OK --- if you want to make an offer to settle early the usual formula is the number of payments left multiplied by the current monthly amount ( plus 12 payments if there is equity to be addressed).
To pay in full you need to pay over the full original debt, plus fees and also possible statutory interest.
Now .... with most companies in the case of VOLUNTARY redundancy you would put the offer based on the first formula, on condition that you would not take the redundancy if the offer was rejected.
If you take redundancy anyway, they will go for the full amount to cover the figure in the second formula above.
Timing is crucial in these cases, as is a helpful and sympathetic IP. I fear you do not have one of those and CF will go for the most they are able to get out of you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy. Find out how much you will get and offer what is left. It is highly likely to be accepted as otherwise you stay where you are and ride out the IVA.
Thanks for this, When I was with PJG, in Oct, they stated it was nearer £14k left to close the IVA. I would anticipate around £34500 after tax would be the amount to leave, which would leave around £20k after completing the IVA in full. I simply need CF to confirm the amount in order to determine the amount left over once all my liabilities are paid. I have always wanted to pay off in full and this would help, however, all I have been asking for is a confirmation of the remaining balance, which they are reluctant to do.
I have had not statement for over months!
Apologies Foggy, I didn't read your full post before typing. I don't own a property, PJG knew this and had my rent agreement. I did own a house years ago with an wex-partner which was in negative equity and I was struggling paying rent on another property after the split. I eventually signed the house over to my ex for nothing simply to break even, this was around 5 years ago. I didn't join the IVA until 2011 some time later.
I would be looking at full repayment of the IVA, however, have simply asked for a figure as to what this is likely to be.
If I was only left with £10k, this would not be viable as I would need to retrain and still have enough to pay the rent, family etc with no guarantee I could go straight into a new position.
I very much doubt CF or any other Company would provide you with a figure. A f&f offer is based on what you can offer - it isn't for the IP to determine what is the right offer. Foggy is spot on with his advice.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I think you should offer £14k based on a take it or leave it. Explain the remainder of the funds would be needed to set you up in business and pay living expenses until the business generated money and that is prefectly acceptable.
We have done it on many occasions including members of the military who have come out, settled their IVAs and used the remainder to buy small businesses such as chop shops and in one case a limosine. Creditors usually accept.
