F&F offer

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gemma685

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Post by gemma685 » Thu Mar 04, 2021 4:11 pm
So I have my variation meeting in April and I have offered £3,000 as a F&F from my parents.

I was paying £150 a month in a joint IVA with my husband since Sep 2018 however we are now separated and as a result the joint IVA has been split into two.

I’m currently paying £314 a month as I live with my parents.
If the creditors accepted the £3000 then they would receive £2450 to split between them (once my IP has taken away their fees).
If they declined and I was to carry on paying £314 for another 37 months, they would receive £9475 (after the IP has taken away their fees).

However my IP has stressed twice in the creditor report that my payments of £314 won’t last very long because I am currently looking for a rented property and once I move in there my disposable income will shoot down.

I have 8 creditors, 5 of which are for around the £500 mark each. The other 3 are between £1000-£2000 each.

I am hopeful that those 5 “low” creditors will vote yes as they are lower credit amounts and also the fact that my £314 will decline in a few months so they wouldn’t have ever ended up with £9475 after the 37 months.

If they say no we will stretch to £4000 for a F&F.

What do you think the result would be based on the above?

Foggy

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Post by Foggy » Thu Mar 04, 2021 4:48 pm
It is impossible to say --- the small creditors might well be willing to kiss goodbye for all the hassle the low dividend will be to them. Come to that, your 'larger' creditors are still for modest amounts.

I have seen surprisingly small offers accepted --- but also surprisingly high ones rejected !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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gemma685

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Post by gemma685 » Thu Mar 04, 2021 5:03 pm
I’ll let you know how it goes!

Foggy

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Post by Foggy » Thu Mar 04, 2021 7:46 pm
Best of luck with it :-)
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

kallis3

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Post by kallis3 » Thu Mar 04, 2021 8:01 pm
Good luck!
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.
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luluj

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Post by luluj » Sun Mar 07, 2021 4:26 am
It's really hard for us to advise, but given the circumstances I would hope creditors see it positively for you. Please remember though that your credit rating will continue to be impacted for the remaining period up to 6 years from the start date of your iva.

Good luck x
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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gemma685

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Post by gemma685 » Tue Apr 06, 2021 10:58 am
@luluj @kallis3 @foggy
The meeting started at 10am and not heard anything yet - hoping no news is good news!

kallis3

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Post by kallis3 » Tue Apr 06, 2021 11:12 am
I'm sure you will hear something later.
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

Foggy

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Post by Foggy » Tue Apr 06, 2021 11:42 am
Fingers firmly crossed !
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

gemma685

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Post by gemma685 » Tue Apr 06, 2021 2:41 pm
I’ve just had an email from them-

“We are still waiting to receive some votes and are also still negotiating with some other creditors. The meeting has been postponed while everything is finalised and you should hear from the meetings officer in the coming days on the outcome.”
:( :(

kallis3

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Post by kallis3 » Tue Apr 06, 2021 2:46 pm
What a bummer! Fingers crossed they get it sorted soon.
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

gemma685

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Post by gemma685 » Tue Apr 06, 2021 2:47 pm
I know! They had like 28 days notice for the meeting how have they not voted yet :shock:

gemma685

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Post by gemma685 » Wed Apr 07, 2021 4:44 pm
@foggy @kallis3 @luluj

So they rang me today and said that the £3000 F&F has been rejected.

As I have £9347 left on the IVA and I’m paying £314 for another 36 months they’ve said the offer is too low. I was half expecting it to be declined honest.

My IP said I’d have to make an offer probably triple my current offer that due to my current circumstance.

We have decided that I will carry on with my £314 a month until September. At that time my parents will go in with an offer of £8-9k. My IP said he would be surprised if this wasn’t accepted as I would also have paid in an additional £1800 between now and September through my direct debits.

Fingers crossed for September now!

kallis3

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Post by kallis3 » Wed Apr 07, 2021 4:47 pm
Hopefully September will be a good month for you - everything crossed and let us know.
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

Foggy

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Post by Foggy » Wed Apr 07, 2021 5:57 pm
A pity but not a shock --- creditors are obviously hoping the higher payments continue ! Still, September will be upon us soon.
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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