www.iva.co.uk

Hi its been a while. I have been given my 90 notic.and finish in August. From August we will owe about £7000 and have a clause to remorgage the house. I will be getting about £30,000 (21 years service). Can I make a FF offer and what would be reasonable. Or will they expect half as its a windfall? Any help gratefully excepted!

Hi moose and welcome back.

Are you likely to get another job soon? That money is designed to replace your income and I disagree with the idea that it's a windfall.

Have a word with your IP and explain your situation. If a full and final offer is the best solution I would offer as much as you can reasonably afford to, but remember that you need enough to live on after the IVA is completed.

I think they will look at taking a lot more than £7k?
It depends how much you are paying in the £?
It's nit as simple as offering an amount less than £7k

darth-skint wrote:

I think they will look at taking a lot more than £7k?
It depends how much you are paying in the £?
It's nit as simple as offering an amount less than £7k

As the funds are yours and you are still bound by the IVA, you have an obligation to pay as much as you can reasonably afford to.

Darth gives some good practical advice too - creditors will struggle to accept an offer if they are receiving a much lower dividend than they originally accepted.

Thank you for the replies.I think by August we will have paid £70,000. I will be out of work from August. I have been off sick with depression since March and its likely that my return to work will be one of reduced hours doing social care agency work. I understand that I must pay as much as I can afford ,there is a chance I may not get a full time job , both our children are in full time education. How much is enough? 7, 10 ,15 thousand? If I don't get a job the last 4 years will feel like its been for nothing! I have paid back nearly 80p to the £1 of debt.

Hi moose, how much was the original dividend expected to be when you took out the IVA?

Hi Kazzafunk I think its around £75,000

I would say that as you have almost reached the minimum dividend requested in the original paperwork, then you ahould approach your IP to make a full and final offer up to the minimum + the IP fees. You can make a case to keep the rest due to your health problems and the likelihood that you probably won't be able to hold down a job in the future. It's worth a shot.

Thanks Kazzafunk I will think it over and check out the original paperwork.

It's what I have been advised I can do with my ill health retirement lump sum if it comes through. If there were no circumstances like health then I don't think you could expect them to agree but it's something you can discuss with your IP.

Hi there,

Not sure if this will help or if I should say.

Although under different circumstances, I offered a full and final settlement as a result of being unable to release the equity in my property because I wasnt able to get a mortgage. My creditors accepted 25% of what was outstanding.

It could be worth a try, especially if you can justify the reasons for your actions/offer. Bear in mind the worse they can say is No. Nothing ventured/nothing gained hey.

Good Luck