Advice on making F&F offer

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Marmite

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Post by Marmite » Fri May 10, 2019 7:47 am
My partner started his IVA only in Nov last year paying £200 per month.

Since then he had a cancer diagnosis in Dec 2018 and the good news is the surgery went well and a good prognosis and 5 year annual follow ups.

As he has a manual job his adaptions for work ongoing as a cancer diagnosis is classed as a disability is he operates a smaller truck with a limit on his travel distance and he is exempt the compulsory weekend overtime. With a few months paltry sick pay and working to his basic hours his income this year will be about 10 to 12k less.

Other changes include my daughter going to live with her father so no child benefit or maintenance a difference of £3.5 k plus i now pay and support my daughter *as I should

We've decided to get married and I can take a loan to settle the IVA as I'd like for us to have a fresh start without the scrutiny of the IVA process.

Hes made 6 payments
Outstanding is £10,800
Creditors receiving 45p in the £1

In the circumstances what would be a good offer for FF settlement.

Any thoughts welcome

Foggy

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Post by Foggy » Fri May 10, 2019 8:00 am
You have compelling reasons and, from the creditors point of view, a F&F will be saving them 4 plus years in admin and avoiding the prospect of the IVA collapsing in the future ( bird in the hand and all that), so good wriggle room. Your initial dividend estimate is also very healthy.

I would say that an offer of £6k to £7k would be looked at seriously --- but, of course, the nearer £10k the better the chances. I have seen very low offers accepted before as well as generous ones refused --- but the creditors are not ogres (most of them) and your reasons are better than most --- removing the stresses of life in an IVA and all that entails will certainly aid recovery and improve the long term prognosis.

Hopefully you have a supportive IP who will put a good case forward. Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Marmite

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Joined: Fri May 10, 2019 7:31 am

Post by Marmite » Sat May 11, 2019 5:36 am
Thank you Foggy. Email sent to IVA practitioner explaining situation and request to discuss. Starting suggestion £7k . I'll post and let you know how we get on.
M

ladymarmite

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Post by ladymarmite » Mon Jun 24, 2019 4:07 pm
Update

Fingers crossed...10th July is creditors meeting to decide on two proposals

Current payment plan £205 per month paying back 60p in the £

Creditors meeting to vote on resolutions:
1. Full and Final settlement of £7,000 paying back 30p in £
2. Reduction of payments to £85 for term of IVA (currently still in year 1) paying back 20p in the £

Fingers crossed
Marmite

Foggy

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Post by Foggy » Mon Jun 24, 2019 4:12 pm
Fingers firmly crossed -- Best of luck !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Marmite

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Joined: Fri May 10, 2019 7:31 am

Post by Marmite » Wed Jul 17, 2019 11:19 am
Update

Full and Final offer accepted. Couldn't have done this without the advice and support here. Thank you and good luck to everyone.

Foggy

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Post by Foggy » Wed Jul 17, 2019 12:05 pm
Wed Jul 17, 2019 11:19 amMarmite wrote:
Update

Full and Final offer accepted. Couldn't have done this without the advice and support here. Thank you and good luck to everyone.
Excellent news ! Little bit of dust to settle, but you no longer have this particular weight around your shoulders.
Onward and upward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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