Full and final offer

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Knowledge seeker

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Post by Knowledge seeker » Sun Jul 28, 2019 7:50 pm
Hello,
I have been in an iva for 4years and have used the clause already to add 9 months to the end of iva due to relationship break up.
My iva was originally high 74,000 and was voted in and accepted based on 81p in the pound being repaid.
Iva proven balance is 62000
I had paid 32000 so far and then in Mar was made redundant and due to the iva clause had to pay most of my severance into the plan. Another 18.500 :(
So far I have paid in 54500 including my redundancy and due to health issues would like to propose an F and f
My iva firm informed me that my redundancy is treated as a windfall and not part of my planned payments
I was wondering what you thought if my girlfriends family are offering a one time payment of 6000 so my total would be close to iva proven balance
My health is not good due to stress from iva and redundancy and they want to help me
Do you think 6000 is a good offer as my iva firm are saying my iva is moved from 81% to 100% now due to my windfall, redundancy.
Thanks in advance

Foggy

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Post by Foggy » Sun Jul 28, 2019 8:32 pm
Proven debt has little to do with a F&F offer ... these offers are based onb what the creditors are due to receive if the IVA goes to full term ... so should be based on the number of payments left multipied by the current payment amount (plus 12 payments if you are a homeowner).

During an IVA you owe not the agreed repayment amount, nor the proven debt balance, but the debt balance, plus fees and also statutory interest. Scheduled IVA payments only stop when this amount is paid, or the term ends (as sacheduled or by F&F), when anything unpaid is then, and only then, written off.
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

luluj

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Post by luluj » Sun Jul 28, 2019 9:26 pm
Sorry to hear of how you are feeling.....

How many more payments do you have and what us your monthly payment at present ... multiply these together and that is the likelihood expected return by creditors in addition to your windfall payment.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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Knowledge seeker

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Joined: Sun Jul 28, 2019 7:45 pm

Post by Knowledge seeker » Mon Jul 29, 2019 3:14 am
Hello,
I have been in an iva for 4years and have used the clause already to add 9 months to the end of iva due to relationship break up.
My iva was originally high 74,000 and was voted in and accepted based on 81p in the pound being repaid.
Iva proven balance is 62000
I had paid 32000 so far and then in Mar was made redundant and due to the iva clause had to pay most of my severance into the plan. Another 18.500 :(
So far I have paid in 54500 including my redundancy and due to health issues would like to propose an F and f
My iva firm informed me that my redundancy is treated as a windfall and not part of my planned payments
I was wondering what you thought if my girlfriends family are offering a one time payment of 6000 so my total would be close to iva proven balance
My health is not good due to stress from iva and redundancy and they want to help me
Do you think 6000 is a good offer as my iva firm are saying my iva is moved from 81% to 100% now due to my windfall, redundancy.
Thanks in advance

kallis3

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Post by kallis3 » Mon Jul 29, 2019 8:03 am
Your redundancy will have gone to your creditors and hopefully help towards you getting close to the 100p plus fees.

You could try and put that forward and see how it goes.
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

kallis3

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Post by kallis3 » Mon Jul 29, 2019 8:15 am
Topics merged to avoid confusion.
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

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 29, 2019 8:37 am
How many payments do you have left and how much are they for?
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
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