www.iva.co.uk

Hi. I have posted on here about making a full & final offer but I have a couple of questions after speaking to my case officer at Payplan.

They've asked for a letter from me and my partner (who has offered to pay it off for me). This is fine. They have also asked me to obtain a valuation of my property and redemption statement for my mortgage.

This isn't a problem either. My first question is, what are the chances of my offer being accepted? I currently pay £231 each month to Payplan. I have made 36 payments so have 24 remaining plus the additional 12 months (I'm assuming I won't be able to remortgage after the 5 years).

There is probably £20k equity in my property.

I am going to offer £7500 for full and final.

Payplan mentioned my creditors may choose bankruptcy over my offer.

Is this feasible? Is my offer reasonable?

They also indicated that it could take 3 months to prepare to put before my creditors and a further 2 months until I get a decision.

I have recently moved in with my partner and my outgoings will increase to a point where there is every chance I won't be able to make my payments to Payplan. My case officer has said that if I can't make the payments then not to.

I am aware that if I do this, my IVA will fail.

I have scheduled another call in2 weeks time (but I sensed Payplan wanted to delay this for as long as possible). We will discuss any paperwork I've managed to pull together (new household bills/letter from landlord) but I've said I want to discuss my payments going forward, which my case officer is happy with.

In the meantime, do I continue to make my usual payments? Also, can I insist that the full and final offer will reduce with each subsequent payment I make?

I appreciate this is very long winded. I would be grateful for any advice.

Hi -- that seems a fair offer. Yes, you can stipulate that the lump sum will reduce by each payment made in the interim, and Payplan always harp about BR --- they will try to put this option in the variation -- INSIST they take it out (there is no need to invite problems!).

Most firms will put together an offer within 6 weeks, then the creditors only need 28 days notice -- Payplan like to drag things out ( mainly due to the fact that their IP is overburdened !).

If you cannot make payments at any time ask for an agreed payment break --- this will not cause the arrangement to fail.

Definitely agree with Foggy - tell Payplan to remove that clause, I don't know why they are still doing it.

Do ask for a payment break and explain why.

All the best with your offer - all good advice above.