what to offer

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foz

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Post by foz » Sat Feb 01, 2014 2:29 pm
hi all im new to this forum and looking for a bit of help,ive been in my iva since 2010 and its to finish june 2016 but the problem is stress im under the doctor for anxiety due to debt its no easier for me now im in my iva,ive got my self a good job but they are now taking every penny off me and i cant afford to live me and my wife are at each other coz we have no money and im in 650 arrears with them which has to be paid by march which is putting more stress on me and my family.

but theres a bloke ive worked with for nearly 12 years now and he can see how unhappy i am at work so hes offered to pay the debt off for me and i pay him back over two or three years so i can live again.

but what do i offer to finish it, the debt to start with was 24,000 and ive paid 4,675 to date plus i owe 650 and they take 156 a month plus half my overtime, so do i offer 156 x 29 months = 4,524 plus the 650 i owe or do i go in a bit lower..

thank you to any one who can help...
 
 

martjase

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Post by martjase » Sat Feb 01, 2014 3:35 pm
Hiya foz,

In regards to offering F&F, I think you would need to offer a bit more than that, something a bit closer to the total debt amount I would think.
 
 

Foggy

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Post by Foggy » Sat Feb 01, 2014 3:50 pm
The starting point for a F&F is to get to what the creditors signed up for ... so the offer should be months remaining multiplied by the current normal monthly payment ( you will need to add in the arrears ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

foz

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Post by foz » Sat Feb 01, 2014 5:20 pm
Sorry just checked ive paid nearly 7000 and my last payment is on june 2016 so I had a rethink and im thinking of offering 8500 that is the top line he will lend, I no its not the full 24000 but its more than they will get of me if I keep paying month payments of 156, does that sound better
 
 

Foggy

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Post by Foggy » Sat Feb 01, 2014 7:38 pm
Foz, forget the £24,000 --- you need only offer what you would have paid over the course of the IVA. So an offer of around £5,000 should be OK.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

foz

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Post by foz » Sat Feb 01, 2014 10:17 pm
Ok I will start with 5000 and see whats said I will be getting letters sorted through the week and get vack to you when I hear from them and once again thank you for the replys
 
 

Foggy

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Post by Foggy » Sun Feb 02, 2014 10:25 am
Best of luck with the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MelanieGiles

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Post by MelanieGiles » Tue Feb 04, 2014 1:02 am
Is taking a loan out with a trusted friend really a better solution for you? If you repay a loan of £5,000 over three years without interest it will still cost you £180 per month, and the IVA will not be cleared off your credit file any earlier.

Is your friend going to be sympathetic if you cannot afford to pay one month, or could this cause a rift in a long-standing friendship?
Regards, Melanie Giles, Insolvency Practitioner
 
 

foz

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Post by foz » Tue Feb 04, 2014 4:40 pm
hi melanie im paying him back over a year and ive got bit put away as back up,i want to pay it off as ive paid 526 in total with my monthly payment my overtime and shift pay this month and im still in arrears some how and they will have me paying that every month for the next two years,we had an income and expenses meeting on the phone the other week and no one rang me so i rang them and she hadnt booked me in but we did it over the phone and she told me the time and date so she said i will book you in for end of month, and still no phone call so i rang her last night and guess what no appointment in the book but we booked it over the phone and again she told me the date and time then i get a letter today saying if i dont contact them they will have to terminate my contract as im not they have tried contacting me on many attempts and im not agreeing to my contract but its me thats doing all the contacting, getting to the point ive had it with them the stress im having with them its unreal im on antidepressant tables and cant handle it anymore i just want it gone now....thanks for reply as well
 
 

foz

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Post by foz » Tue Feb 04, 2014 4:42 pm
also i phoned them last night and they said i have to write a letter saying my friend is giving the money and not leading me it as they will reject the offer is that right
 
 

MelanieGiles

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Post by MelanieGiles » Tue Feb 04, 2014 9:24 pm
If you've got "a bit put away", then I am surprised that you have arrears with your IVA to be frank.

Poor service from your case manager to keep missing appointments, which understandably is leading you to feelings of disillusion, but I do wonder how you can pay your friend back over a year and not fund the IVA payments.

Best you discuss this directly with your IP, as I may be misunderstanding what you are actually saying - and it is correct procedure to ask for your funder to confirm their intent.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Warwick1

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Post by Warwick1 » Thu May 15, 2014 1:17 pm
My father is currently wanting to explore possibility of making a full & final offer on my behalf . I have only just started my IVA( March 2014)and would pay back 6k in total over the 5 years . Would a sum of 4.500- 5k be acceptable as this is the figure he suggests .If that is, what would be the next step-- to ask for a creditor meeting??
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