£6466 left of IVA payments, i am unsure £4500 is reasonable offer for F&F.

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Beover
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by Beover » Mon Jan 29, 2018 4:12 pm
I have been in a IVA since July 2017 my payments are £122 per month. I have £6466 left of payments at the same rate.

A family member is able to give me 4500 in order to offer a full and final offer to my IP.

I am unsure if this is a reasonable offer and was hoping for some advice with this.

Thanks
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Foggy
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by Foggy » Mon Jan 29, 2018 4:17 pm
You currently have about 4 and a half years left -- so will be saving creditors over 4 years administration costs in having to deal with small quarterly dividends. I would hazzard that £4.5k is at the lower end of possibly acceptable offers, but I have seen lower accepted ( as well as higher refuse, I have to say). I would say that it is worth a shot.
Beover
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by Beover » Mon Jan 29, 2018 4:32 pm
Foggy wrote:
You currently have about 4 and a half years left -- so will be saving creditors over 4 years administration costs in having to deal with small quarterly dividends. I would hazzard that £4.5k is at the lower end of possibly acceptable offers, but I have seen lower accepted ( as well as higher refuse, I have to say). I would say that it is worth a shot.


Thank you for your response. What would be an more acceptable amount to offer...??

Thanks again :)
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Foggy
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by Foggy » Mon Jan 29, 2018 4:37 pm
Beover wrote:
Foggy wrote:
You currently have about 4 and a half years left -- so will be saving creditors over 4 years administration costs in having to deal with small quarterly dividends. I would hazzard that £4.5k is at the lower end of possibly acceptable offers, but I have seen lower accepted ( as well as higher refuse, I have to say). I would say that it is worth a shot.


Thank you for your response. What would be an more acceptable amount to offer...??

Thanks again :)


I would have gone in at £5k, but I think £4.5k might have legs.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 29, 2018 4:58 pm
If they refeject you could always wait until you have a few month contributions under your belt then try again.
Beover
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by Beover » Mon Jan 29, 2018 5:15 pm
Would it be better to make this offer over the phone or in writing...?

Is there anything I need to mention whilst making the offer..??
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Foggy
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by Foggy » Mon Jan 29, 2018 5:24 pm
Beover wrote:
Would it be better to make this offer over the phone or in writing...?

Is there anything I need to mention whilst making the offer..??


Discuss it on the phone and they will tell you what they want. Make sure they know they are third party funds for the purposes of a F&F only and if the offer is rejected they will be retained by the donor and not available to the creditors. Ask them for a time scale -- most firms will take 2 - 3 months, a few will go up to 6 ! If they are one of the latter stipulate that payments made in the interim, after a given date, will be deducted from the lump sum offered.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 30, 2018 9:30 am
It will ultimately need to be in writing.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 30, 2018 9:31 am
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kallis3
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by kallis3 » Tue Jan 30, 2018 10:19 am
Always say full and final and not settlement.
Beover
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by Beover » Wed Jan 31, 2018 6:49 am
Sorry one last question! Will the fact that I have been in the iva for such a short time disadvantage the offer.

Thanks again :)
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Foggy
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by Foggy » Wed Jan 31, 2018 7:35 am
Beover wrote:
Sorry one last question! Will the fact that I have been in the iva for such a short time disadvantage the offer.

Thanks again :)


No -- in fact it represents more of a saving in time and administration to all parties.
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