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Hi, I am about to write a letter to give my IVA company permission to call a variation meeting and to explain why we need to reduce our payments (wage drop). I have a chance of taking a lump sum from work at the end of the year due to voluntary redundancy and would also like to offer this as F&F. My question is, can I include this in my letter, ie request for reduced payments due to wage drop and offer F&F sum to be payed at year end? Would they be able to make a decision on both of these things in one variation meeting or would they have to have two separate meetings? Sorry for rambling on.

They can deal with them as separate questions within the same meeting. But make sure that you word it to make it clear that you will only go for VR if they accept the F&F. If you take VR without this they will have the lump sum off you anyway.

Thanks Foggy, I'll give my IP a call on Monday.

I agree with foggy ..it needs to be very clear to ensure VR will only be taken if a F&F offer is agreed otherwise you will not have access to this money. Good luck

Perhaps question 1 which presents the reduced payments account to X months multiplied by new monthly payment proposal for the remainder of term (assuming no equity in property).

Question 2 offers to introduce a lump sum into the IVA which amounts to the same (or slightly more) as the total sum in question 1, the reduced costs in IP fees in the lump sum and the reduced risk of further payment reduction variations makes the lump sum much more appealing to creditors.

You could stipulate that the lump sum my be made available from either a loan from a family member/ friend or if you were to take VS, but both would only be on the grounds that the lump sum to end IVA was agreed.

Also remember to make it clear that the final lump sum value reduces per payment made each month that goes by (these things can take a little while with various firms).

The only reason I have introduced the family/friend option is that it gives you options, I guess the key thing is money coming in, they don't care where from.

Just personal opinion from reading this forum for the last year

Good luck with your proposed plans to move forward in the IVA and as others say do be very concise as to what it is you're proposing.

Thanks for all the advise, I wrote the letter today so me and my wife have everything crossed. I will only receive redundancy payment at year end so its going to be a long few months. Just hope the creditors make the right decision. I'll let you all know what they say after the creditors meeting. Thanks again.

Fingers crossed for you.

All the best from me again and do let us know.

Good luck.

Hi all, so I sent the letter on the 19th August and not heard anything else yet. My IP says that it is in the hands of his Supervisor. Does anybody know how long it takes to hear something from sending the letter or what the next step is? I have no idea on timescales. The stumbling block is that I am going to be recvieving an official redundancy letter around the end of October which I will need to sign to agree to my severance payment. If the Creditors meeting hasn't taken place before this then I won't be able to sign the letter, hence we won't be able to offer full and final figure. Any advise would be gratefully received. Colin.

Your IP is the Supervisor so sounds like you are getting a bit of a runaround. A variation should be called within 21 days oif being requested so go back and ask to speak to the actual IP as this is very important.

I agree with Michael.

Hi Colin

Our f&f meeting is today and I started the process in May. it varies from IP to IP - unfortunately ours is one of the slower ones so fingers crossed yours will be better

Good luck

Hi just a quick update, I have been dealing with my case officer not my IP, my mistake. He has just informed me that he has been told that our case can be made a priority, although the Variation Team's team leader has said that first week in November is 'best case' scenario. I would sign the letter from work prior to the Variation meeting but it is a massive risk. Can any of the IVA experts tell me if they think our offer will be excepted or not? If meeting happens in November we will still owe 46 x £196 (reduced from £425 due to pay drop) = £9,000 and we have offered £10,000