Full & Final IVA

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raza237
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by raza237 » Fri Jan 25, 2019 9:31 pm
Hello, just need some thoughts please
Me and my Mrs have unsecured debts of 58,500. Accumulated with loans credit cards and overdrafts,
Our Debt advisor suggested F& F IVA as we don’t have any surplus income, but a relative generously offered 6000,
Has any one seen any case like this where it all could settle in around 0.10p / £ ????
Worries what’s gonna happen.
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Foggy
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by Foggy » Sat Jan 26, 2019 9:54 am
The lowest I have seen was 9 p in the £ --- but for a significantly higher debt. However, on your figures, considering fees will be draw out first, the creditors will be getting a lot less than 10p/£.

I would suggest a chat with an IP or two, who will also be aware of the policies / attitudes of your specific creditors. They will also be able to calculate your surplus, if any, using the approved guideline figures.
Mani000
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by Mani000 » Sat Jan 26, 2019 11:52 am
Foggy wrote:
The lowest I have seen was 9 p in the £ --- but for a significantly higher debt. However, on your figures, considering fees will be draw out first, the creditors will be getting a lot less than 10p/£.

I would suggest a chat with an IP or two, who will also be aware of the policies / attitudes of your specific creditors. They will also be able to calculate your surplus, if any, using the approved guideline figures.


Thank you for reply Foggy... much appreciated,
Checked with few people, they all are optimistic and say it’s very likely, as creditors will get no return if I go with my second and only remaining option of Bankruptcy. This point gives me bit hope.
Just came here to see if anyone have experienced or witnessed something like this.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 28, 2019 3:30 pm
You might be better off doing a direct deal with the creditors for that sum, rather than washing it through an IVA.

Creditors will then get more because of the costs avoided that apply to IVAs.

It means a lot of legwork but can be done.
Mani000
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by Mani000 » Sun Feb 03, 2019 8:41 am
Lisa Thomas wrote:
You might be better off doing a direct deal with the creditors for that sum, rather than washing it through an IVA.

Creditors will then get more because of the costs avoided that apply to IVAs.

It means a lot of legwork but can be done.



Hello Lisa,
Thank you so much for the reply, what are the chances of this offer being accepted? Cause if I go direct to lenders, let’s say they turn it down, then my Iva offer will be affected? As we have two main creditors Halifax and Tesco totalling around £39000 both personal loans.
What do you suggest should I still go through with direct offer?
Regards
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Lisa Thomas
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by Lisa Thomas » Mon Feb 04, 2019 9:26 am
It will be up to the creditors to decide so no way of telling I'm afraid.

I have seen creditor accept less and reject more...

You will only know when you try.

If they reject there is nothing to stop you proposing an offer through an IVA but with only £6k on offer this will be eaten up in costs and probably not viable so you will probably need to offer contributions/other asets as well.
Mani000
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by Mani000 » Wed Feb 06, 2019 7:05 pm
Here it comes.....
The creditors meeting is set for 25th February 2019 @ 1600....
Getting atrociously nervous already
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Vince_100
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by Vince_100 » Wed Feb 06, 2019 8:22 pm
Hope it all goes well for you. Shame about the long wait :o
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kallis3
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by kallis3 » Wed Feb 06, 2019 9:29 pm
Fingers crossed
Mani000
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by Mani000 » Thu Feb 07, 2019 8:45 am
kallis3 wrote:
Fingers crossed


Thank you :)
Mani000
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by Mani000 » Thu Feb 07, 2019 8:45 am
Vince_100 wrote:
Hope it all goes well for you. Shame about the long wait :o


Thanks.... :)
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Lisa Thomas
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by Lisa Thomas » Thu Feb 07, 2019 9:53 am
So did you propose a £6k lump sum IVA in the end?

Good luck.
Mani000
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by Mani000 » Thu Feb 07, 2019 3:59 pm
Lisa Thomas wrote:
So did you propose a £6k lump sum IVA in the end?

Good luck.


Hello Lisa,
Yes I did offer this amount just to avoid dealing with creditors and get this sorted if it’s possi without chasing them for a settlement, if not this will leave me no choice to make direct offers finally, worse case scenario I’m looking at Bankruptcy ....
I would be grateful to hear any suggestions if you have.
Regards
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