Full and Final Offer - Chances

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Debtfreewannabe241

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Post by Debtfreewannabe241 » Sun Aug 16, 2020 11:09 pm
Hi,

I am in an IVA and have £3061 left if I continue to pay monthly as I am over remaining 30 months roughly.

My partner has offered me £2700 to settle this. The reason for this that it greatly impacts on my mental health and exacerbates anxiety and depression.

We would also like to move in together at some point in the future but I refuse to consider this until such a time that I am IVA free.

I just wondered if anyone have any ideas of our chances for success? I am told meetings can take up to 3 months so I would potentially make further payments of £231 during that time.

I would appreciate any thoughts / suggestions.

TIA

kallis3

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Post by kallis3 » Mon Aug 17, 2020 7:36 am
I think it sounds like a good offer but you never can tell these days. Your partner will have to provide a bank statement (purely for money laundering purposes) and you must emphasise that the money is only there for a full and final and will not be available if it's not accepted. Also say that you will have made more payments and can they be taken into consideration.

You could try starting off with a lower amount and see where it goes from there. I'm sure Foggy will be along later to help out.
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 » Mon Aug 17, 2020 8:00 am
I agree with Kallis that the £2700 offer has legs. To be honest, I would not try to go any lower as your regular payment is pretty low and doesn't give you a lot of wriggle room.

Best of luck with the offer.
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

Debtfreewannabe241

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Joined: Sun Aug 16, 2020 11:02 pm

Post by Debtfreewannabe241 » Tue Aug 18, 2020 2:17 pm
Hi,

Thank you both for your responses. It is very encouraging. We are going to put the offer forward this afternoon.

Is it always your experience that these things take 2 - 3 months to complete (Assuming they’re accept the offer) or does it sometimes happen faster?

I keep dreaming of a day where I am no longer in an IVA so I can move on but it seems like it takes a long time to extract yourself from!

kallis3

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Post by kallis3 » Tue Aug 18, 2020 2:24 pm
Let us know how you get on.
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 Aug 18, 2020 2:47 pm
They have to give creditors a few weeks notice of the variation meeting. I would say 2 months is probably the minimum, especially with covid in the mix.
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

Debtfreewannabe241

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Joined: Sun Aug 16, 2020 11:02 pm

Post by Debtfreewannabe241 » Tue Aug 18, 2020 3:45 pm
I have put the offer forward and although they said there was no guarantee of acceptance that they thought it was a positive offer worthy of consideration. Which is good news.

She did say 2 - 3 months was the maximum and that if she could get it through sooner she would try. Am I right in thinking it takes a similar period after the offer has been accepted for the IVA to conclude? Is it reasonable to expect it to be over by Christmas all being well?

In any event, I will let you know how I get on.

Thanks

Foggy

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Post by Foggy » Tue Aug 18, 2020 4:00 pm
It does take another 2 - 3 months after the payment to conclude matters completely. I have seen that stage take a few weeks and, in some cases, right up to 6 months.

Best of luck with your offer.
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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