Full and final offer

[kelly758]

My friend is about to make a full and final offer for me, he is thinking of £5,500.

I currently have 36 months left at £180 per month.

Do you think this is an acceptable offer that will likely be accepted? My IP won’t offer any advise or help me on this

[Foggy]

Hi. This is about £1k under what the creditors would get if the IVA ran to term and, considering the "bird in the hand" value as well as savings they will make in admin over the next three years, seems like a reasonable offer, assuming you do not have equity to address ( rent, rather than own your home).

[kelly758]

Thanks Foggy.

The offer will be submitted the end of this month so they will get another payment of £180 before the offer is submitted.

I really hope they accept, but I’ve seen so many stories where Creditfix haven’t accepted things- getting very worried and just want it all over with now!

[Foggy]

It is not down to CF to accept or refuse .... that is in the laps of the creditors and, to be honest, can be anyone's guess. However, lately CF have had an issue with variation where they changed the long agreed format, without consultation, and the creditors didn't like it. There are whispers that this has now been sorted, but I have yet to hear of any variations going through at the moment.

[kelly758]

Thanks foggy,

In the letter it does state that this offer will only be available until 30/9/2018 should I take this out or do you think this may help speed things up?

[Foggy]

Thanks foggy,

In the letter it does state that this offer will only be available until 30/9/2018 should I take this out or do you think this may help speed things up?

Why have you put this end date in ? In any event, you will probably pass this date, so the offer would not be entertained.

[kelly758]

I read it on a template site- they advised you always should put a date in?

I’ll take this out- thanks

[Foggy]

I read it on a template site- they advised you always should put a date in?

I’ll take this out- thanks

If you need some protection you could include that the lump sum would be reduced by the amount of payments made after a given date. Even the faster firms would take around 2 months to get a meeting date set.

[kelly758]

Update: offered £5800, sent paper work off on Monday and meeting is scheduled for 1st October fingers crossed!

[Foggy]

It's a good offer.

Good luck

[kallis3]

Good luck!!!