www.iva.co.uk

Hi all,phoned my iva company today to say i was in a position to offer £6000 as full and final settlement of my debt which stands at £6250.The lady i spoke to didnt seem very confident with the offer and almost reluctantly said she would do a proposal only when she had received the cheque.
She went on to say that because of the current climate they will more than likely refuse the offer.
This seems like a good offer to me,so am a bit confused as to why.
The majority of my debt is owned by Max Recovery and wondered if maybe they dont accept Full and Finals very often.
Just wondered if any one out there can shed some light.
Regards blods

Hi and welcome.

Do you have any equity that would need to be released at all? That might make a difference, and what reasons are there for you to offer a full and final.

Also the company would need to know where the money is coming from.

Hopefully one of the experts will be along to help.

Hi there. Without knowing a bit more information about your situation, it is very difficult to say whether your offer is reasonable or not. As Jan has said, can you tell us whether you are a home owner with equity in your property. Also how much are you paying each month currently and how many months do you have left to run?

Hi,there was an equity clause but there is no equity.I have just received the paperwork from my fourth year review and there is no mention of equity release or doing an extra year.The money is from an uncle.
blods

Hi,i am currently paying £652 a month and have ten months to go.

Even though it's not mentioned, your creditors could still insist on a 12 month extension.

You can insist that the offer be put forward. By the time your offer has been formally made and a variation meeting arranged, if it was agreed then it would still take a while to sort out and it may not be worth it. Don't forget that there will be fees to pay for a meeting.

Ok thanks for your help all.
blods

You're so close to the finish line it may be best just to stick it out. As either you would still be repaying your uncle over a longer period or if he is gifting you the money, can he just pay 6k of monthly contributions? If there is no equity then the ip will only need to see proof to exclude your property from the via and you will not be a 12 month extension.

Hi
I think if you can show that there is no equity to release then your offer should be more than acceptable.
You really need to speak with your IP rather than a case worker, I wouldn't want to part with any money unless I was sure that it was going to be used to conclude your iva.
Good luck
Regards

Hi Andy,thanks for your reply.I think i will ask to speak to my IP.I could just carry on with payments but the money from my uncle does not need to be payed back until we eventually move house.I also have a charge on the property of about 3.5k which i would like to get rid of.I could do this with the current iva payments im paying now.
blods

How strange - in my experience variations to original terms are very rarely rejected. If you do send the money in advance insist that it is held on a client account to the order of your funder, and in the unlikely event of rejection that it is returned in its full entirity.

max recovery agreed to my full and final.send a valuation copy with your offer,state the funds are only available from your uncle if the offer is accepted,its normal for some ip,s to want the money upfront,send the cheque,with instructions like mel says,it looks a good offer,worth giving it a go.dont hesitate go for it you have nothing to loose.

Hi mel and mister blue sky,yes i will do that.I phoned my IP today and things are a lot clearer.I am going to proceed with the offer so fingers and everything else will be crossed[;)]
blods

Fingers crossed blods.

Hope all goes well. Do let us know how you get on.