Posted: Wed Dec 10, 2008 6:44 pm
12 months ago I wrote a thread on this forum enquiring about full and final settlement figures. Through the advice I received, with the help of family, I submitted an offer of £9k as a full and final settlement. That was based on total debts of £31500 of which £16620 was to be the full dividend, minus payments already made of £2300. At the time, the advice I received was that seemed to be a fair offer.
Well, I submitted the offer in writing, forwarding a financial breakdown, living expenses, bank statements, payslips etc last December/January. My IP acknowledged receipt of the documentation and said that a meeting of creditors was going to be scheduled. Then in March I received a letter saying that my IVA was being passed to another IP which I will refer to as GT based in Grantham. I had to sign a new agreement. I had a letter explaining that the change of IP was not going to affect my IVA in any way. The summer months came and still no contact. I contacted GT and asked them about the delay and they said that they were inundated with Debtmatters cases and that mine was soon to be reviewed. August, September passed and still no contact. I then contacted GT again enquiring as to the progress of my offer. My IVA was now being moved again to GT in Belfast! The response I got was one of "What offer?". At this point, I'd not made a single contribution to the IVA since freezing dividends after making the offer. I'd had enough and telephoned the financial ombudsman. Within a few days of me doing this I had a letter from my original IP wiping their hands of the problem, blaming GT for the delays. GT blamed the other!!Suddenly, with the ombudsman now involved, GT wrote to me and asked me to complete another living expense form and submit my last three payslips again. When I told them that I'd done this nearly a year ago they said "Well those figures are out of date now"!!aaaGH!
So, I completed the forms and submitted the payslips again. This time they wanted an explanation in writing as to why I wanted to end the IVA early. I also had to confirm the offer of £9k still stood.
Finally a meeting of creditors was convened for Dec 10th (today)!
I got a phone call about 3pm today from GT saying that my offer had been turned down by the creditors on the grounds that it fell far below the dividend expected. I asked as to what was a fair offer? The reply I got from GT was "I have no idea".
Now, My father took out a bank loan to stump up the £9000 plus a bit more to cover the money I already owed him after he'd helped me out from time to time. I'm now paying back the repayments on the funds that now sit idle in my father's savings account, the only bonus being a small interest sum.
I simply cannot afford to return to paying IVA dividends on top of the loan repayments. My girlfriend who has been fantastic through all this has offered to try and help out by taking out a bank loan to supplement the offer.
Having spent the entire late afternoon surfing the IVA advice sites, I tried calling GT to implore them to give me a figure but their office's closed at 5pm! Great another sleepless night ahead of me!
Can anyone give me an idea what would be a reasonable offer they couldn't refuse. I want to clear my debts. I'm not too bothered about how long it takes me to repair my credit rating. After what I've gone through I never want to touch credit again.
Ps Thanks for reading this far!
S
Well, I submitted the offer in writing, forwarding a financial breakdown, living expenses, bank statements, payslips etc last December/January. My IP acknowledged receipt of the documentation and said that a meeting of creditors was going to be scheduled. Then in March I received a letter saying that my IVA was being passed to another IP which I will refer to as GT based in Grantham. I had to sign a new agreement. I had a letter explaining that the change of IP was not going to affect my IVA in any way. The summer months came and still no contact. I contacted GT and asked them about the delay and they said that they were inundated with Debtmatters cases and that mine was soon to be reviewed. August, September passed and still no contact. I then contacted GT again enquiring as to the progress of my offer. My IVA was now being moved again to GT in Belfast! The response I got was one of "What offer?". At this point, I'd not made a single contribution to the IVA since freezing dividends after making the offer. I'd had enough and telephoned the financial ombudsman. Within a few days of me doing this I had a letter from my original IP wiping their hands of the problem, blaming GT for the delays. GT blamed the other!!Suddenly, with the ombudsman now involved, GT wrote to me and asked me to complete another living expense form and submit my last three payslips again. When I told them that I'd done this nearly a year ago they said "Well those figures are out of date now"!!aaaGH!
So, I completed the forms and submitted the payslips again. This time they wanted an explanation in writing as to why I wanted to end the IVA early. I also had to confirm the offer of £9k still stood.
Finally a meeting of creditors was convened for Dec 10th (today)!
I got a phone call about 3pm today from GT saying that my offer had been turned down by the creditors on the grounds that it fell far below the dividend expected. I asked as to what was a fair offer? The reply I got from GT was "I have no idea".
Now, My father took out a bank loan to stump up the £9000 plus a bit more to cover the money I already owed him after he'd helped me out from time to time. I'm now paying back the repayments on the funds that now sit idle in my father's savings account, the only bonus being a small interest sum.
I simply cannot afford to return to paying IVA dividends on top of the loan repayments. My girlfriend who has been fantastic through all this has offered to try and help out by taking out a bank loan to supplement the offer.
Having spent the entire late afternoon surfing the IVA advice sites, I tried calling GT to implore them to give me a figure but their office's closed at 5pm! Great another sleepless night ahead of me!
Can anyone give me an idea what would be a reasonable offer they couldn't refuse. I want to clear my debts. I'm not too bothered about how long it takes me to repair my credit rating. After what I've gone through I never want to touch credit again.
Ps Thanks for reading this far!
S