www.iva.co.uk

To cut a long story short I've been offered the chance to possibly be in a situation to do an f&f
A good friend of mine (was my best man)has decided to retire and sell his buisness for which he is recieving a very large sum of money.

He knows our situation and has offered to give us the cash to finish off our iva .

Our plan still has 20 months to run and our payments are just over 500 per month
Does anyone think an offer of 10000 will be accepted.

My head is spinning like a top atm and im not relly sure what to do

Any advice would gladly appreciated

Many thanks

Fuzzy

I would suggest a slightly lower offer to start off with. Is there any equity issues to be dealt with in the IVA?

Paul

meant to add that your best man clearly really is a best man.

There no equity issues as we have a 72 month iva

As for my mate he is a top bloke and tbh it is typical of him.
The news is only 3 hours old still hasnt sunk in

I would definately ask your IP to look at offering 8k and see if they think its a go-er. Good luck.

Paul

I would look to offer £8-£10k starting at the lower end taking into account an early settlement to creditors.

You have a lovely friend offering this opportunity - be sure your creditors know it is only available to you to cease the IVA - if not accepted then your friend will not make this money available to you.

Let us know how you get on.

Quick update had all the paperwork sent to payplan by mid feb but its been very slow going since I was supposed to have my circular forwarded to me a month ago but despite several conversations with assurances that it would be with me soon I've had nothing .
The cynic in me is saying that they are trying to get as much as possible out of me and at the rate they are going the creditors are already going to get a higher dividend than they were expecting .
Frustrating because I want closure and to get on with my life not really fussed about anything else
Being on hold is agony

I wouldn't bother trying to negotiate a lower offer. If you offer the £10,000 there should be no reason why this would not be accepted by creditors, but not too sure what the logic is to go in lower or why that would be attractive to your creditors.

Presumably your friend will want the loan repaying?

I thought i was in a position to offer a f+f offer to payplan few weeks ago, rang them went through it asked what i had left to pay which was £7800 over 4 years but was then told that the total debt was £27,000 not including fees! Talk about getting my hopes up.

And where on earth did they get that figure from mitch2311?

Hi FZ - we recently got a F&F with Payplan. If you have issues try contacting their poster on here. It used to be Gemma, but a new guy took over. It will help[:)]

Circular arrived today but this paragraph concerns me a bit

"Should this meeting be rejected by creditors the supervisor will withdraw from this arrangement declare the arrangement failed AND petition for debtors bankruptcy.

So does this mean if my f&f is rejected I cant carry on making my regular payments as normal till full term is reached as ill be declared BR ?

The same clause was in ours fuzzy.

In the context of the argument of realising dividends under F&F as opposed to BR it is saying to the Creditors if you don`t take the F&F, here`s what`s going to happen.

It`s there to strengthen the case but not necessarily the outcome in the event of failure.

Speak to your IP and get that removed. Yours is a full and final offer but the IVA can continue on if creditors reject. Other IVAs would have to fail if the variation was not accepted but this is not the case with you.

What do you mean Michael? That the clause inserted is detrimental?