F&F Offer

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Webby18

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Post by Webby18 » Thu May 20, 2021 9:16 am
Hi :)

Currently 12 months into my IVA (6 year payment term, negotiated up from 5 during initial creditor meeting). Paying £80 per month.

A relative has offered to pay a full and final settlement.

I have 60 months left @ £80 = £4,800.

The reasons for wanting to complete the IVA early are my mental health has suffered really bad with it, had massive anxiety around annual review even though it went fine, I own no property and have no valuable assets. My son will be going to nursery in August (just not sure on total hours yet) which will likely affect my I&E due to nursery costs.

My relative is willing to offer £6,500 as a full and final.

Any thoughts on likelihood of being accepted?

Thanks!

Webby18

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Post by Webby18 » Thu May 20, 2021 9:41 am
Sorry just to add, actual debt amount at start of IVA was £12,000, if that makes any difference.

Foggy

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Post by Foggy » Thu May 20, 2021 9:48 am
A full and final offer (not settlement) is usually based on remaining payments, which, in your case, are £4800. I would think an offer of £6,500 would have them tearing your arm off ! Personally, I would only offer £5000. Normally there would be room to reduce this even further and still be attractive to creditors, but, in your case, £80 is a really low payment ( which is why they added the extra year ) and they are getting very little of that in the end, after fees and admin costs, so no real wriggle room.
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

Webby18

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Post by Webby18 » Thu May 20, 2021 10:06 am
Hi Foggy, thanks for your reply and info!

Yeah sorry, not settlement, offer!

I wasn’t sure just because of overall debt amount and because it was early but I’ve read other replies from you about it reducing creditor admin costs over the remaining 5 years.

I just didn’t want to offer too low then it be rejected and take even longer to resolve due to the effect it’s having on my mental health. I think I may offer £6,000 just in the hope that they do tear my arm off and I can get it done and out of the way!

I’ll post any updated throughout!

Webby18

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Post by Webby18 » Thu May 20, 2021 12:42 pm
£6,000 offer sent. Fingers crossed.

Foggy

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Post by Foggy » Thu May 20, 2021 12:48 pm
Thu May 20, 2021 12:42 pmWebby18 wrote:
£6,000 offer sent. Fingers 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

Webby18

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Post by Webby18 » Sun Mar 20, 2022 1:20 pm
Thu May 20, 2021 12:48 pmFoggy wrote:
Thu May 20, 2021 12:42 pmWebby18 wrote:
£6,000 offer sent. Fingers crossed.
Best of luck.
Just a (late) update Foggy.

Offer was accepted in July. Received my completion certificate last week. So relieved it’s all over and I can now move on.

One question I had if you know - some creditors didn’t submit a ‘PDO’? All correct account numbers etc.

I know the IVA company send the completion certificate to all creditors. One of them isn’t on my credit file (who didn’t submit a PDO), what’s the best way to check that the account has been written off and closed, and is there a set timescale for them to do this?

Thanks

Foggy

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Post by Foggy » Sun Mar 20, 2022 5:09 pm
Well done of getting it all tied up and completed.

A creditor might appear on one or more or none of your credit files, from the different credit reference agencies, so you need to check them all.

As long as a creditor was named in the IVA proposal and the IVA confirmed successfully completed the debt is legally written off and closed, regardless of acknowledgement from the creditor. However, for peace of mind, you could ask the creditors involved for confirmation.
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

Webby18

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Joined: Thu May 20, 2021 9:05 am

Post by Webby18 » Sun Mar 20, 2022 6:07 pm
Sun Mar 20, 2022 5:09 pmFoggy wrote:
Well done of getting it all tied up and completed.

A creditor might appear on one or more or none of your credit files, from the different credit reference agencies, so you need to check them all.

As long as a creditor was named in the IVA proposal and the IVA confirmed successfully completed the debt is legally written off and closed, regardless of acknowledgement from the creditor. However, for peace of mind, you could ask the creditors involved for confirmation.
Hi Foggy!

Thank you! Was just over 6 months waiting for my completion certificate, so glad it’s over!

And thanks for that too. More peace of mind. I’ll probably double check with the creditor in question in a couple months to confirm.

Thanks for your advice since May it’s much appreciated! Take care

luluj

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Post by luluj » Mon Mar 21, 2022 2:41 pm
Great to hear its all sorted and you are now able to move on with your life. Best wishes
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