Final settlement ?

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Southuk

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Post by Southuk » Wed Nov 27, 2019 7:49 am
Hi. I’m currently with creditfix and stated to them my partner wants to gift me some money to clear my iva early

I’m currently paying 397 a month. Finish April 2020. They told me an offer of 12556 or nearest as possible more likely to be accepted

I only have potentially 9-10k to offer

My circumstances with work is due to change in 2 months time and i will be loosing 1000£ a month. Which at my current income expense would leave me in the minus disposable so have to re do to work out a figure but I’m sure it’s gonna be a lot less then 397 agreed to have. Which makes that 12556 left to pay not applicable in few months time

Would this be explained to creditors and a lower figure might be accepted? Reading around forum some say have even offered half amount and been accepted. Some say full and not. So realise not a straight science

can anyone give advice ?

Foggy

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Post by Foggy » Wed Nov 27, 2019 8:46 am
Could you, please, clarify your end date --- you put 2020, so about 6 months to run, which doesn't sound right on those figures. Also are you a home owner?
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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Southuk

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Post by Southuk » Wed Nov 27, 2019 9:45 am
I’m so sorry. My typo. April 2022
I am not a home owner

Lisa Thomas

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Post by Lisa Thomas » Wed Nov 27, 2019 9:54 am
£10k seems like a very good offer to me. Its up to creditors to accept not your IP.

Depending on how you wish to put the offer forward you will potentially make a few more payments whilst the variation meeting is called and held (of you could ask that any contributions made during the period are deducted from the lump sum payment).

Your IP possibly gave you that figure as a starting guide to try to be helpful to you.

There will be savings to creditors on their administration costs.

FYI some IPs charge c£500 for the variation meeting.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Wed Nov 27, 2019 1:01 pm
I agree with Lisa that £10k is a decent offer to make --- the amount on offer is up to you, not up to your IP and I have seen many a low offer accepted (as well as a few high ones refused). Whether to accept or not is up to your creditors.
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

Southuk

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Post by Southuk » Wed Nov 27, 2019 3:08 pm
Thank you for your feedback. Many posts here I have seen is people writing their letters to show this figure and including any future payments being deducted of lump sum of accepted from date of letter. How and where do I state that.

My ip is asking for

A short email/letter from the person stating his/her offer
A copy of the person’s ID/driving license/passport
A copy of person’s bank statement to show availability of funds

Foggy

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Post by Foggy » Wed Nov 27, 2019 4:01 pm
There is a brief pro-forma letter here: https://www.iva.co.uk/letter6-f-and-f-offer-during-iva

Simply add a paragraph along the lines of "I shall continue to make the agreed monthly payments whilst this request is being considered, but any payments made between xx/xx/xx and the variation meeting will be deducted from the lump sum offered. "

Alternatively, agree a payment break, pending the creditors meeting, whereby regular payments are suspended. Keep this money aside, however, in case the offer is rejected, as the resulting arrears will need to be repaid.
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

Southuk

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Post by Southuk » Fri Nov 29, 2019 1:07 pm
Can you advice best way to word about the money for the settlement of not accepted won’t be available to me
From my partner.
If rejected. I don’t have access to that money

Foggy

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Post by Foggy » Fri Nov 29, 2019 1:21 pm
Fri Nov 29, 2019 1:07 pmSouthuk wrote:
Can you advice best way to word about the money for the settlement of not accepted won’t be available to me
From my partner.
If rejected. I don’t have access to that money
"Please note that this money is being offered solely for the purposes of a F&F offer. Should the offer be rejected the money will be retained by the donor and will not be available to creditors. "
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

Southuk

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Post by Southuk » Thu Dec 12, 2019 6:47 am
Hi. If my settlement is accepted
What’s the process in completing

Send the money and then they issue certificate?
Do I need to supply further bank statements of money earned so on
Yearly review was December. Hopefully accepted settlement January

Foggy

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Post by Foggy » Thu Dec 12, 2019 7:46 am
They will still need to do a final review, so may require statements and pay slips.

Once the offer is accepted, you will make the lump sum payment and then the IP will start the usual completion checks -- it could be a few months before you get your certificate, during which time you are still bound by the IVA.
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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