Full & Final Suggested Amount

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BobBaxter

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Post by BobBaxter » Sat Jul 09, 2016 4:12 pm
Thanks all, I appreciate your help on this.
Last edited by BobBaxter on Sat Jul 09, 2016 4:12 pm, edited 1 time in total.
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 11, 2016 11:24 am
Hi Bob - tell them what you told us - you want to move on with your life, take back control of your finances and have been lucky enough that you family member is willing to gift you a lump sum to settle.

Best of luck.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

BobBaxter

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Post by BobBaxter » Tue Jul 19, 2016 9:09 pm
I originally posted this in the wrong thread, apologies:

Hi All.

IP has agreed to put a £15k offer to the creditors which bodes well. I am currently drafting a letter to formally make the offer.

How should payments toward the IVA between now and the conclusions of the IVA be presented in the in the letter; £15k offer less payments into the IVA, or £15 plus any payments? I didn't actually discuss that with the supervisor at the time.

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Foggy

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Post by Foggy » Tue Jul 19, 2016 9:26 pm
Apologies, Bob ..... got totally mixed up with the mis-posted post !!!

Personally I would deduct payments in the interim from the offer amount --- this will urge all to get on with it rather than wait it out to get a few more payments under the belt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Wed Jul 20, 2016 9:33 am
Any payments made in the meantime whilst the variation is being prepared, called and held are to be deducted from the lump sum.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

BobBaxter

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Post by BobBaxter » Tue Aug 02, 2016 1:59 pm
Hi all.

So the next step is for the relative to write a letter to the IP to confirm the offer. Does anyone have any advice on what the letter should/shouldn't say?

Many thanks for all your input, it is so helpful.
Last edited by BobBaxter on Tue Aug 02, 2016 2:00 pm, edited 1 time in total.
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Aug 02, 2016 2:38 pm
I produce this template before - feel free to tweak it accordingly:


Dear XX

My IVA

My mum has kindly offered to gift me £xxx to settle my IVA early. Please can you call a meeting of creditors to see if they will accept this one off lump sum payment.

The offer is only being made if creditors accept it.

Payment can be made within 7 days from acceptance. This will bring the IVA to an end nearly xx years earlier than originally estimated.

Any contributions paid by me from the date of this letter to the date of the variation meeting will be deducted form the lump sum being offered.

I have never breached my IVA and have always fully cooperated with my Supervisor.

This is all my mum is able to lend me for this and I hope creditors will look upon this offer favorably so that I can try and move on with my life.

I have enclosed a copy of my mum's bank statement to show that the funds are coming from the third party.

Please include a copy of this letter to the creditors when writing to them.

I understand you will now call a meeting of creditors to consider my proposed variation within 21/28 days (delete as appropriate per your terms)

Thank you etc etc
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

BobBaxter

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Post by BobBaxter » Fri Mar 24, 2017 12:14 pm
I finished my IVA!

Apologies for not updating in so long, I wanted to avoid posting case relevant information on here.

I'm thrilled to say the offer was accepted a couple of months ago and I have just received my completion certificate, I can now move on with my life.

A heartfelt thank you to everyone who posted answers to my questions, I'm tremendously grateful to those who post solely to help others in an incredibly stressful time.

Foggy

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Post by Foggy » Fri Mar 24, 2017 12:18 pm
Excellent news Bob ! And thank you for coming back to let us know --- I love it when a plan comes together :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

BobBaxter

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Post by BobBaxter » Fri Mar 24, 2017 12:24 pm
It was certainly a plan, and it worked a treat *smokes a cigar*

Here's a quick one for you, have you ever heard of someone in an IVA actually receiving funds into their account? I don't want to be too specific but on a couple of occasions during the short IVA period this happened, sometimes between £1 and £20 and I put it down to being an overpayment, but on the last occasion it wasn't a small amount, far from it.

I contacted my officer who said she was awaiting more details from Accounts but has gone off the radar, as I've made a couple of attempts to check what it's for I'm treating it as a windfall.

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Post by Foggy » Fri Mar 24, 2017 12:29 pm
Do you mean a payment from the IP to your bank account ?

If so, yes, it could result from an overpayment of, maybe , overtime. Or, yours could be one of the few IP's treating PPI refunds as windfalls, rather than an asset, which would mean that refunds under £500 are yours. Another possibility could be that these are interest elements of PPI refunds, which many IP's also allow you to keep.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

BobBaxter

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Post by BobBaxter » Fri Mar 24, 2017 12:32 pm
Indeed, a payment into my current account with a Payee name that seems to be affiliated with the IVA company.

It was over £2k so I find it odd that there would be nothing in writing about it.

Thanks for your help Foggy.
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