www.iva.co.uk

I have had a few phone calls over the last week or so from some of my creditors . On the whole they have not been to bad so far. I recieved my draft proposal a few days ago the offer for a F&F is 37p in the pound. Does this sound like a fair offer to my creditors ?

The most reasonable offer for creditors would be your best offer to them.
Your IP must believe it to be worthy to have recommended it be put forward to your creditors and as long as it is the best offer, you should be okay.



Tell it like it is.

Good morning,

Cybus is right, IVA is all about paying as much as you can back to your creditors. The debtor should be able to afford a minimum of 25% plus costs of what is owed so 37p in the pound sounds like a good offer to me. Best of luck.

Kind regards,



Julia Simavi

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Sorry I should have worded it better. Yes I do want my creditors to have as much back as I can give them. This is what I can give. My share of the equity from remorgage £44000, IVA costs £11000, amount left for creditors £33000. Total owning around £89000. Does not seem a lot that I can give them but if I went BK after all the costs they would not get a thing.

Hello,

Thank you for making it clear. 37p in the pound after IP costs sounds like good offer to me. If you are owed money by someone and they ask for time to pay it, wouldn’t you probably agree? Now, if they said that they had a problem and they want to pay you say 25p in the £1 or they will have to go bankrupt and you would get 0p in the £1, wouldn’t you also agree to that as the alternative is nothing? They are going to be getting £33000 more than nothing.

Best of luck.

Regards,


Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

Hi

Your offer looks exactly what I think ours will be (same debt and re-mortgage also). We are giving all we can and if its not enough then what else could we give? Its early days for us just started the ball rolling so would be interested in how you go. I know how you feel though but a good offer is what you can give for some its 90p in the £ for others its 25p! Try to think you have done all you can now and it will all be ok soon.

Kelly

Smile it makes people wonder what you have been up to!

Thanks for every ones support. I will keep you updated.

Why are the costs so high at £11,000? I am assuming that this is a full and final offer, so would have expected to see costs of more than £6,000! Are you also paying contributions as well?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Yes Melanie,It is a full and final offer. Is a full and final offer over as soon as the funds have been transfered to your IP ?

No - the arrangement generally runs for 12 months, but I have to say I find those fees incredibly high and so will your creditors. Have you asked your IP to justify the need for such high charges?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

The costs do seem high. Do you have a breakdown of the costs?

Best Regards
Oliver

Thomas Charles and Co Ltd.
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