My mother in law is offering to pay £4000 to make a full and final offer to my Iva 54 x £87 = £4698 what is the likelyhood of this being accepted.
I am quite new in to my IVA and spoke to pay plan they’ve told me I need to do a new I&E and send in my payslips...
The only problem is I have completely forgot to tell them about any overtime/bonuses/commission I’ve earned in the last 5 months... a few personal reasons with going to court to get my kids back....
How will this affect my full and final offer is there anything I should do?
Ds1991 wrote:My mother in law is offering to pay £4000 to make a full and final offer to my Iva 54 x £87 = £4698 what is the likelyhood of this being accepted.
I am quite new in to my IVA and spoke to pay plan they’ve told me I need to do a new I&E and send in my payslips...
The only problem is I have completely forgot to tell them about any overtime/bonuses/commission I’ve earned in the last 5 months... a few personal reasons with going to court to get my kids back....
How will this affect my full and final offer is there anything I should do?
I see no reason why they need to do another I&E for a F&F offer. However Payplan do tend to do things their own sweet way ! If you have the usual clauses you are normally allowed to keep overtime etc. pay up to 10% of usual salary, then split the rest 50/50, so there might not be any due to be handed over, however, you should have informed them at the time of each payment.
If they insist on seeing payslips they are going to find out anyway and it would be better if you came clean first and offered to pay in the missing payments asap, before going ahead with the F&F .... speaking of which the sum of £4000 should be looked at favourably, once everythimg else is straight.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You have to pay money across straight away if you have it approved.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ds1991 wrote:What happens if I can’t afford to pay the money back straight away? Will they add It on to the IVA?
I imagine they will want the arrears settled before they entertain any F&F offer. You will have to come to some arrangement with your IP as to how and when. Failure to agree could see the IVA failed for non-compliance.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Why don't you calculate the 'extra' contributions from your bonuses/overtime etc first (assuming you have the 10:50:50 rule) so you know what to expect?
Agree with others the overtime etc needs resolving before a f&f is considered .... once that figure is known you can then calculate the f&f offer - hopefully it will be seen to be favourable
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Lisa Thomas wrote:Why don't you calculate the 'extra' contributions from your bonuses/overtime etc first (assuming you have the 10:50:50 rule) so you know what to expect?
Going of the 10:50:50 rule I reckon it’s going to be around £800/900 I’m not too sure....
