I don't know how to work out what dividend they'd be getting given the amount still left to pay over the remaining 3 years of my IVA (approx £14K)and the offer I've made (£3,600). If it's more than bankruptcy (which I believe it is as they'd be getting nothing if I went bankrupt) then are they likely to vote in my favour, taking into account my circumstances and reason for offering F & F in the first place?
Best offers are normally accepted irrespective of the original dividend since it is no longer achievable. As the variation is better than bankruptcy for creditors there is no reason to reject. In addition, the costs of the IVA will have come down and creditors will receive their monies earlier. Very best of luck.
Yes but the full and final offer could still be made as any job you would find would likely have a probationary period. Your partner would not be expected to pay over the money and you continue making payments. In that situation creditors may still take the money on offer.
Hmmmm, I'm a bit confused now. I received an email back from my IP who said that they may reject the offer based on the grounds that I might find a job in the near future and that if this were the case, they'd get a much higher return than they would from my offer. They did however say that the offer may get accepted given the current circumstances and the fact the money would not be on offer in bankruptcy. My IP said it would take approx 2 months for a meeting of Creditors to be convened??!!
Obviously I'm not going to hold off looking for work while I wait for the outcome! If I do get a job would my IP cancel the full and final variation process?
All in all, It all seems a bit of a confusing, drawn out process.
Send your IP a crystal ball - as they currently have no way of knowing how creditor will vote and it is silly to try and guess, as this will just stress you more. The offer has been made and presented - let events run their course and if creditors don't like the offer they will let you know why.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks guys..interview tomorrow so hopefully I'll get it! Just worried that if I get this job (all be it a lot less money than my last job!) then the whole process of putting forward the full and final will cease. Although Michael Peoples advised that they should still put it forward as I would be on 'probation' during the first few months like with any new job.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Last edited by David Mond on Thu May 21, 2009 6:48 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Interview went well last week...should hear back this week sometime. F & F offer is under way now and I'm waiting for the variation to be drafted and sent to me. Hopefully I won't be waiting too much longer for that.
I wrote in the F & F offer letter to my IP that I will continue to make token payments of £1 until a decision is reached on the offer...I can't afford to make any payments so I guess this will have to suffice. My IP hasn't disagreed with this statement so I take it it's as good as confirmed.
How do you suggest I play it if I'm lucky enough to get the job? I may not get a start date until CRB checks have been completed (the job is at a prison!) and this I was told could take up to 3 months!
