www.iva.co.uk

Hello,
I need help with F&F offer, how much to offer to finish IVA.
I entered my iva in October 2014 with total debt 12900. Paying monthly 117 for first year. After a year payments went up to 136 per month because my wife found job and she lost. I still have 31 payments to make. My brother offer to help me out with F&F.
I'm in with Payplan.

Hi,

Firstly, do you have an equity release clause?

Secondly, you should offer as close to your remaining payments as possible but make sure Payplan know this money is only available for a full and final and will be withdrawn if not acceptable.

Assuming you have no equity to be dealt with ( which could add an extra 12 payments to an offer amount), the creditors are looking at getting 31 x 136 = £4216 more.

Bearing in mind they will be saving some in administration costs I would couch an offer in the region of £3,500 ( you might have to go up to £4k).

Thanks for quick reply. There is no equity to deal with .
Can help me with template letter, what should be included just to get idea.

I agree with Foggy - dependong on equity clause/position you will have between £4,216 and £5,848 to pay.

I have uploaded a template to this forum before - I will see if I can find it and attach the link for you to tweak.

I can't find the template I posted on this forum but you might like to write something along the lines of this:

"Dear Sirs

The purpose of this letter is to formally ask you to call a variation meeting of creditors to see if they will accept a one off lump sum payment of £xxx as a full and final settlement of my current IVA from funds being gifted to my by my brother.

I estimate that this may bring the IVA to an end nearly xx years earlier than originally estimated.

I have never missed a payment in my IVA and have always fully cooperated with my Supervisor etc. etc.

If creditors accept this offer my brother can send the funds to you within 7 days after being notified that the variation has been accepted by my creditor. I have attached evidence of his ability to gift the funds.

Please include a copy of this letter in the variation report to creditors.

You will no doubt let me know if there is anything further you need from me in order to proceed with calling the variation meeting, which I believe is within 28 days? Please can you confirm this.

I look forward to receiving confirmation that the meeting has been called as soon as possible.

Thanking you in advance."



You might wish to get a solicitor to deal with this for you.

Fantastic, thank you Lisa. This will very useful.