What do you say in a F&F letter offer?

[Neverguess]

Hi guys,

I'm about to put in a letter to my IVA company and use redundancy money to pay off if I can.

What do you say? Any advise appreciated.

Thanks

[Lisa2009]

I would say just be honest and put your best offer forward explaining the situation

Good luck

[Neverguess]

Thanks Skint.

I was more so thinking of the wording or terminology, but I'll put together something explaining in my own words then.

Cheers

[Lisa2009]

As long as you are putting your best offer forward im sure your IP will review it and prepare a good case to put to your creditors on your behalf.

[Neverguess]

Yep, going for as much as I can so here's hoping!!

I'm pretty much screwed without a job if they say no, so I'm keeping everything crossed

[Lisa2009]

Isnt it reassuring to have people in the same position and the experts on this forum to offer advice or just a shoulder to cry on.
I hope things go well for you. Please let us all know the outcome. Im sure we will all be willing you on.

[Neverguess]

You are so right! I don't know what I would have done without this place! If it doesn't have answer (which it almost always does!) it puts your mind at rest!

[Adam Davies]

Hi
Just say that you are willing to offer your redundancy money to conclude your IVA.You are unsure as to how long that it will take you to secure new employment.
You need to have your IP on your side so have a good chat with them.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

And make sure that you keep sufficient money to cover your ongoing living expenses in the meantime. You will not qualify for benefits for some time if you have received redundancy money.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Neverguess]

Hi guys,

I've put in an offer and I'm now waiting on the forms back to sign.

They have said I need to keep paying at my normal monthly amount though, which concerns me as that will be coming out of what I have left! Is this right? I have asked for a payment break but they don't seem to like this idea.

Surely if I have no income they can't expect to maybe take what I have offered but also until it's agreed, expect me to pay?? Does this sound right?

They have said it can take up to 28 days to arrange a meeting, or more if I'm unlucky!

That doesn't sound to fair to me as I've no job but could be looking at at least another 2 months payments on top of my offer.

I am trying to be fair without leaving myself with rent and bill problems.

Thanks again

[lily]

Can you not just so no, I cannot go on funding with no income?? Youre allowed a couple of payment breaks I am sure. One of the experts will no doubt answer but it does seem unfair, what are you meant to live on??

lily

[Neverguess]

That's what I am trying to do but in as polite a way as I can muster!!

I have had one payment break in the last 3 and half years as the house I was renting was being sold so had no choice.

I know if you get to 3 then you fail your IVA and I don't want to do that so far in! Plus if they fail me and make me bankrupt obviously it may effect job options if I end up in any finance industry.

If they don't give me a straight answer I think I'll miss next months and see what happens. I'll only be on 2 and hopefully have a decision before the next one *fingers crossed*

Is there such a thing as payment breaks for an undefined amount of time due to unemployment?? I believe it can be agreed for maternity leave and stuff so surely it's a similar thing??


I'm actually trying to be calm about it now as I know there is only so much I can do.


And I had a job interview this morning that seemed to go well but you never know!!! Someone send me good luck vibes as I'm fed up with the crap ones ha ha ha

[Neverguess]

Just got an email back, they are saying that they can't advice on missing a payment?? Isn't that what they are meant to sort out?

Oh well, I'll decide nearer the time I suppose. It's a bit cheecky as I only have limited funds and they want normal payments as well as my F&F (possibly!!).

[MelanieGiles]

The problem you have here is that your redundancy money covers loss of income, and the equivalent income was funding your IVA payments.

It is not unreasonable to expect a 28 day timescale for a variation report, but I suggest that you make sure that this is realistic and achievable from the IP's point of view. Variation reports naturally take a lower priority on IP's desks than new IVA proposals, but 28 days seems possible.

With regard to missing payments, you will need to advise your IP that you can only continue to make ongoing payments whilst you are using up your redundancy money, and that each months payment reduces your lump sum offer in direct proportion.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Neverguess]

Thanks Melanie.

The time taken is understandable but I'm just worried they keep expecting to be paid but the F&F payment dicission gets dragged out. It's hypothetical at the moment though so I'll just wait and see Nothing to worry about and I'll find something!!!

That makes a lot of sense with regards to the missing payment. I'll email them and see what they say.

Thanks again.