www.iva.co.uk

Hi guys this my first post but been visiting the site for sometime. In final 7 months and stress is taking its toll , the children are growing fast my wifes car is on its last legs , same for the washing machine , toilet , and locks on front door . Maybe lucky enough to be in receipt of bonus. I am required to pay 50% of bonus into IVA. The whole bonus would cover what I owe. Never taken a break, missed a payment or asked for anything. Any thoughts if using all the bonus as full and final is a fair and acceptable offer.

Hi there and a warm welcome to the forum

How much are your monthly payments, and how much is the bonus you expect to receive (net of tax)?

Thank you for the reply Melanie, we currently pay 378 and I am hoping to receive net of tax 4500.

Then I think that your offer of a full and final settlement may be viable, but your IP may be reluctant to go to the bother of calling a variation meeting when the IVA is so close to conclusion.

Would it not be better to just take your half of the bonus and have these things fixed or replaced? It would make the last seven months a lot easier and would avoid the hassle and cost of a variation.

If the client wanted to make the offer Mel,does the IP have to follow his/her clients instructions??

They should do, but clearly they have to ensure that the offer being made is a credible one. We all have reputations to protect at the end of the day!

But if someone was adamant(sp)that they wanted to make an offer could you(as an IP) refuse to submit the offer to creditors? Does this ever happen?

I presume that if it was a silly amount that was offered, then there would be no point in putting it forward unless there were extenuating circumstances.

A variation costs money so no point in doing it if it's going to be refused.

You could refuse to put the offer forward, but to be honest I could not envisage that in my portfolio, as we know all of our clients well, and clients would ask our advice in the first instance in any case.

I wasnt so much thinking of your well run practice but some of the not so well run ones,you know where the IP is godlike and cannot ever be spoken to,just his minions!!!