Lisa Thomas wrote:Holding out for a better offer I guess.
Hi Lisa - based on what Foggy said - he is correct in saying that I do not do over time - I am on a basic salary, that's it. So yes I agree that I think they are holding on for a better offer. I offered 5880 as that is what I have left to pay into my IVA. I actually owe 17,000 ish to my creditors. My IP has said that I could go back with a better offer but she won't tell me a figure that could be seen as attractive and says that I need to actually make the offer to then see if the creditors will accept ((which is another 28 days+ before knowing what is going on!! when all I am looking for is some advice from CF as to what figure is more likely to win!))
Being told that they have rejected it because they can get a better dividend with me staying in the IVA - my father and I doing our own little bit of maths (with out a report yet!!) found that my offer would have only given them something like 18.8p to the pound whereas in my IVA they are getting about 25.7p I believe. Can someone explain that to me!?
From experience - how much realistically would be more attractive than the 5880 already offered. My father is very willing to help me out with this but wants to have a figure in mind - but getting no advice from CF I am coming to you guys!
I cannot explain the difference in dividend that you have discovered --- perhaps Lisa, as an IP, will know of something beyond our ken.
CF will not give you a figure and, experience tells us, they do not know -- it is in the lap of the creditors alone. I know that your father is keen to help, and forgive me, please, for forgetting -- but, how long do you have to go in the IVA? And, what is the pressing need to exit early ? I have to say, if it were me, I would let the arrangement continue to the agreed endm in the agreed timescale, and let the creditors slink off with less than they would have got had they accepted the offer (Both they and CF will be spending time and money in administering the arrangement in the meantime, which could have been saved).
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
Lisa Thomas wrote:Hi Can you explain a little about what you mean by this sentence:
"my offer would have only given them something like 18.8p to the pound whereas in my IVA they are getting about 25.7p I believe"
Where do the two figures come from?
Unfortunately your IP cannot give you a figure - because they don't know - it's up to you to put an offer to creditors and for your creditors to vote on it.
They could revert back to the creditor and ask them if there is a figure in mind that they are holding out for to give you some guidance.
As Foggy has asked is there a particular reason you are keen to end the IVA early?
My original 'arrangement' said what p to the £ my creditors would get and that is actually higher than if my F&F was split between them. Which I understand now and to be fair if I was owed 17,000 I do not think I would accept 5,880 plus what I have already paid in - totaling just shy of 9,000. Having said that if I have 5,880 left to pay in my IVA then why oh why they won't accept that amount is beyond me - but as Foggy has said - they are prone to defying all logic.
So - I will just crack on and try a new offer in the New Year maybe- see if my father can get any closer to the 17,000 - he is so desperate for me to leave this IVA as he can see the change in me mentally with the stress of being in this 'voluntary prison!' Its such shame you are sold the "oh its all so easy and stress free bull s**t" It has been anything but - but thank God for people like you keeping me vaguely sane! It is a good place to vent.