Was hoping you could give me some advice on my offer letter, if anything should be added/removed etc etc.
Dear Sir/Madam
Further to our conversation I would like to formally offer a lump sum payment of £XXXX as a full & final offer to conclude my IVA.
I will continue to make my monthly payment as usual but any payments after 02/05/2017 will be deducted from the £XXXX.
The funds for this offer are coming from my Mother on the understanding they will not be available towards the IVA or my creditors should the offer not be accepted, They are to be used as a full & final offer only.
I have always managed my IVA well but have been finding it more of a struggle financially with each year that passes.
Would you please call a variation meeting and put this offer to my creditors.
Hi Bob. Yes, that looks OK as it stands ( apart from the comma after "should the offer not be accepted", which should be a full stop). I don't know what the professional opinion of this is, but, if it were my offer, in these circumstances, I would add in a line stating that, in the event of rejection of the offer, the IVA would continue on the currently agreed terms. Just to make it clear that there are two options :- Accept and finish, or continue, NOT fail!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Well the offer is in but something has worried me, they replied with this.
'Once you make a full and final offer to your creditors, the first thing to do is to stop paying your monthly income contribution into the IVA. We have to wait for a period of 28 days so as to allow your creditors, to vote to accept or reject your offer. If they accept the offer, then the IVA will be closed. And if they reject, then you will have to continue paying your monthly income contribution.'
I really do not want to stop paying into my IVA as I imagine that could fail it, should I insist on continuing to make payments whilst the offer is being looked at?
It requires three unagreed missed payments to fail the IVA on those grounds. When my F&F was put forward I had an agreed payment break put in place. I would get the IP to sanction an agreed three month break -- put the payments aside and, if the offer is rejected use that to catch back up, rather than having it tagged on the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I can see where they are coming from however like you I would prefer to be paying in until its agreed. Foggy's suggestion is a good one, as always, but makesure you have the agreed break in writing.
Best of luck!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Or you could re-write the offer to state that any payments made in the meantime whilst the decision is made will be deducted from th final lump sum settlement payment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
