Getting closer to F&F settlement

[MRBLUESKY]

great news nicola, to hear your conversation with your ip was constructive,as a rough guide earlier when worked a f & f offer,with your news of divi being higher that means the offer divi would also increase to aprox 30pence in the pound,obviously for guidance only as a ball park figure.i totally agree with your ip and melanie,about when rather than if something might happen,something to take into consideration though is if a relative offers help with a lump some,that offer is there now but may not be in the future because of unforseen circumstances, my policy is strike while the iron is hot,good luck, your getting there look after number one, your doing your best.

[seagull]

Hi everyone. Just an update. I sent off my I&E last week. Very scary as my income minus expenditure leaves only £50 which shows me why I have been struggling to pay £444 per month to IVA.
Looking back at copies of all my I&E forms, it shows that my income has remained same over the 3 years but expenses have increased with cost of living on things like rent, gas,electric,etc.Also my original expenses,I estimated way too low as I was desperate to be accepted,I only realised that after the event and wish I'd had better advice at the time or known about the forum then.No use crying over spilt milk though!
I've acheived paying the IVA payment by robbing my expenses. It seems strange to be able to present expenses that one is entitled to, say for housekeeping,rent,etc, not have them challenged by IP/creditors, and yet be expected to not spend that money on things which are essentials in order to maintain IVA payment. Also, am constantly juggling to pay bills or paying them late.
All my expenses are accurate based on actual payments for rent,gas,electric,water etc.
I've been subbed out on regular basis by my sister who is the one now offering to give me the money for an F&F.
Anyway,I rang my IP again this morning to discuss the situation but she said she has sent me a letter, I havent got it yet although she says it was sent at beginning of this week.
She doesn't want to talk to me about it until I have received and read her letter.
So,hopefully it'll come tommorrow as I'm worrying now what it says as she wouldn't discuss on phone.
Even if I can shave some off the expenses it's not really going to make a big difference and the current figure will be unaffordable.
I'm hoping she will talk again about F&F as this seems the obvious solution rather than ending up failing the IVA.
Anyway, I'll update tommorrow after I get the letter and talk to her.
Hope it comes as I don't want to spend the whole weekend worrying about it.
Thanks again for all the help and support.This forum is invaluable to me, though she was a little critical of forums when I said I'd been on this one.

[Skippy]

Could you not ask your IP to scan the letter and email it to you? It seems a bit strange that if it was sent at the beginning of the week that you haven't received it yet.

[seagull]

I thought so myself. Was rushing off to work at the time I spoke to her this morning so didn't question it.
If it doesn't come tommorrow then I will ask her to email it.
She doesn't seem very keen on communicating via email but I will insist if it doesn't come in post tommorrow.

[Skippy]

I think there will be a postal strike in some areas, so if you don't get it I'd definitely insist she emails it.

Good luck x

[seagull]

Oh yes, I did hear about that strike but had forgotten. Thanks for reminding me.
I'll definitley get her to email it.
Can't stand the stress of waiting til next week.
Thanks Skippy.xx

[kallis3]

I'd forgotten about the posties going on strike! Have no idea if our area is.

[MRBLUESKY]

hi nicola hope you are well ,just see what your ip suggests in your letter then go from there, keep us informed, good luck.

[seagull]

Hi Everyone,
Sorry not to have updated sooner, hectic summer etc!
I am in negotiation with my IP as regards variation meeting. She has looked at my I&E,and agrees that I can no longer afford the amount I have been paying,(£444 per month). I do wish I had queried it before as I have struggled to pay it and made it my priority. She tells me now that as I have made it a priority to pay (at the expense of a lot of other basics)this looks to creditors as though I can afford it, although it's been clear from each annual I&E that this wasn't the case, but I never realised I could ask for it to be looked at, thought she would have looked at the figures and advised me, but never mind.
The current state of affairs is that she says I can apply for a variation meeting to request a drop in my payments and at the same time let the creditors know that a full and final settlement is possible.
She thinks they may accept a drop to £250. (based on my I&E the available amount for IVA comes out at £50.)but she says they may object to some of the expenditure. She says she agrees that my figures are actually reasonable but that for things like food the creditors sometimes insist on the government figures? which are ridiculously low. Anyway, even with the expenditure figures reduced, the amount available for IVA is not going to go up much.
She also advised me, (in a "read between my lines" way eg:"I'm not telling you to do this but you could...")to drop the payments to £250 already so that it looks as though this is all I can afford. I have done that so hope that was good advice? It has given a bit of breathing space at least.
Based on the creditors accepting that the figure should drop to £250 for the remaining term, 19 months,she has suggested a figure of £5000 as final offer in conclusion of IVA.
My sister has prepared a letter and cheque and it's all ready to go. Any comments/advice gratefully received and I'll keep you updated.

Nicola.

[MRBLUESKY]

great news seagull,make sure you advise in the letter that the lump sum is only available if your creditors accept it for a full and final settlement.your ip seems to be on the ball with your case and you should be debt free in a few months good luck.

[Michael Peoples]

Best of luck with the variation but I sure you will be fine. Keep us posted.

[seagull]

Hi everyone. Just heard that my variation meeting is convened for 28th October. My IP says that, although technically they can change their minds up to 28th october, she has received acceptance proxies from enough of the creditors to approve my offer so fingers crossed it should go through ok.
Great news and although still anxious I'm hoping for a positive outcome. Will keep you posted.

[Michael Peoples]

Hi Nicola. Sounds very promising and if creditors have already voted to accept it is highly unlikely that they will change their minds. It is often hard enough to get creditors to vote at variations without them doing it twice. Hopefully not premature but well done to you and your IP.

[seagull]

Thanks Michael.I also hope it's not premature and certainly won't "count my chickens before they are hatched!" But have a certain amount of hope now. Will let you know the outcome after 28th.

[MRBLUESKY]

good luck seagul congratulations. merry xmas.