About to make Full and Final offer

[Trind]

I have made 36 payments at £350 and am returning a 52p dividend to creditors. Having approached my IP they calculated that the offer required to meet the 52p yield to creditors is £7700. The initial dividend accepted by creditors was 47p, but by the annual review, this increased to 52p due to claims by creditors falling slightly short of the overall debt. I have been offered £6500 by a relative to try and conclude my IVA early. By my calculations this will equate to a 47p return for creditors, who get their money 2 years early. Including supervisors fees, with this offer I will have repaid £19,000 of my £21,000 IVA. Considering they have already accepted a 47p dividend once, do you forsee any creditors refusing now, three years down the line ?? Furthermore, what will I need to provide to IP. Letter from relative, bank statements showing funds in and out ?? Also has the current economic climate had any effect on the rate of acceptance of full and final offers, to your knowledge (good or bad) ? All help and advise gratefully accepted.

[MelanieGiles]

I am sure that creditors would accept that offer Trind, simply to draw a line under matters and for both sides to move on.

[emma_t]

What a lovely relative you have Trind and good luck with the offer.

I am sure your IP will guide you through making the offer and I would have thought that the current economic climate would increase your chances, but I am no expert thats just my opinion as they would get the money earleir.

Good luck[:)]

[Cybus]

I am sure that creditors would accept that offer Trind, simply to draw a line under matters and for both sides to move on.

I think in the current climate, well I would hope, that the lenders would see sense and accept the offer of 47p now as opposed to waiting two years. They could have that money in their own hands and, as Melanie says, draw a line and have that money working for them for the next two years where it could probably earn that extra 5p and then some .

[ian32]

HI
I'M NO EXPERT BUT I HAVE JUST HAD A FULL AND FINAL OFFER ACCEPTED. TO PAY BACK MY ORIGINAL DIVIDEND I WOULD HAVE HAD TO OFFER 13,000. IF I CONTINUED WITH MY £572 MONTHLY REPAYMENTS I WOULD HAVE REPAYED 14,900 AS I WOULD HAVE BEEN CHARGED THE SUPERVISOR FEES FOR THE REMAINING 2 YEARS OF MY IVA.
ANYWAY I DECIDED TO CHANCE MY LUCK AND OFFER 10,000 AS FULL AND FINAL PAYMENT ALTHOUGH THIS WAS 3,000 LESS THAN WHAT THE CREDITORS WOULD HAVE RECEIVED IN TWO YEARS TIME. IT WAS ACCEPTED AND NOW PAID.I WAS ALSO LENT THE MONEY BY A FAMILY MEMBER, THEY JUST NEEDED TO SEND MY IP AN EMAIL CONFIRMING THIS JUST WAITING FOR MY CERT OF COMPLETION. I'M NO FINANCIAL EXPERT BUT I DO THINK IN TODAYS CURRENT ECONOMIC CLIMATE CREDITORE ARE MORE EAGER TO ACCEPT F&F OFFERS AS LONG AS THEY AREN'T TOO LOW. I THINK A OFFER IN REGION OF £5000 WOULD DO IT. DEPENDS ON YOUR VIEWPOINT YOU MAY WISH TO REPAY THE CREDITORS AS MUCH AS POSS, THIS WASN'Y MY OUTLOOK I JUST WANTED TO PAY BACK LITTLE AS POSSIBLE.

GOOD LUCK IN WHAT YOU DECIDE

[flozza]

Good Luck Trind with your offer. I too, was able to make a F&F offer and it was a huge relief to have it accepted.

Does anyone know when you receive a certificate of completion? I know the funds have gone through in August for my F&F and I still won't believe it until I see it in black and white.

[David Mond]

Flozza - The Supervisor should issue a Certificate of Completion to you and a Final Report to you and creditors and the court within a few days following distribution to creditors. We aim to do this within 7 to 14 days.

[flozza]

Thanks David.

I know the cheque was cleared on the 31st of August, so I imagine I should give then about 8 weeks from there - do you think?

If I don't receive anything by the end of November, should I contact them again?

Thank you.

[MelanieGiles]

Chase them up now - this should have been sorted weeks ago!

[David Mond]

Absolutely - give your Supervisor a call and ask him why he/she has not done it yet - its been nearly 8 weeks!

[flozza]

Thank you!

I've contacted them today, and I'm waiting to hear bcak form them. I think I expected to wait, as it seems to be the norm in my experience!

I'll keep on at them if I don't receive a response in the next few days.

[flozza]

HI Melanie and David,

Well, I have been told that it normally takes 3 months to receive the certificate by my IP's colleagues! They said it is standard, so will have to wait another month....

[MelanieGiles]

That may be standard in that firm, but it would not be in either mine or David's!

[flozza]

Yes, I can imagine! It seems 'they' like to keep us waiting!

[David Mond]

Which IVA firm did your IVA?