Full & Final offer

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Debt free wanabee

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Post by Debt free wanabee » Sun Oct 07, 2018 6:46 am
Hi,

I’m currently in an IVA and my partner has offered to help me with a full and final settlement. I have read some of the advice on here but I would really appreciate some expert advice. I’ve been in an Iva for 13 months paying £182 per month and have £8554 left to pay. Assuming it will take a few months to do the paperwork on the variation. (And 2/3 more Payment’s) What would be a reasonable amount. She has offered £6500 but I’m not sure this is close enough.

I would really appreciate any advice how F&F payments work and what is likely to be a reasonable payment to be accepted.

Thank you in advance for your time

Foggy

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Post by Foggy » Sun Oct 07, 2018 8:38 am
Assuming that c.£8.5 k is the rest the creditors are expecting ( no 12 month extension due to equity) and you are with a firm that processes these things speedily (2 - 3 months) you are talking nearer £8k (pop in a clause saying that payments made after a given date will be deducted fom the lump sum).

Both creditors and IP will be saving the costs of administering the IVA and processing regular, small, dividends, over the next 4 years or so ..... so an offer of £6.5k should be looked at seriously by all parties. As you will appreciate, these things are never certain, but certainly worth a shot.
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

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 08, 2018 12:17 pm
I think it's an attractive offer.
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

Debt free wanabee

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Joined: Sat Oct 06, 2018 9:55 pm

Post by Debt free wanabee » Tue Oct 16, 2018 9:07 am
Hi both,

Just wanted to say thank you for taking the time to reply. It’s given me the confidence to at least give it a go.

I apologise for the delay in my reply but the activation email only arrived this morning so I couldn’t log in!

Thanks again :)

Lisa Thomas

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Post by Lisa Thomas » Tue Oct 16, 2018 10:34 am
Good luck and make sure your offer is worded to say that any contributions you pay into the IVA in the meantime whilst a creditors decision is being made, will be deducted from the lump sum.
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

Debt free wanabee

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Joined: Sat Oct 06, 2018 9:55 pm

Post by Debt free wanabee » Thu Jan 17, 2019 5:16 pm
Hi Everyone,

Sorry for the long delay, but I’ve finally heard back from the IVA company and they have asked for additional info (dunno why they are so slow) but I did include the statement that payments made after the date on the letter would be deducted. Is this something I need to keep an eye on myself and calculate at the payment stage if the variation meeting is successful?

I used one of Lisa’s templates on another thread - so thank you for that!

But they have have asked for additional info;

A letter from the person the money is coming from and their ID. I get the ID for money laundering, but I had already sent their bank statement to show they were paying it and stated who it was coming from in my letter - I guess my concern here is does it restart the clock on the amount (ie I can’t deduct the payment I’ve already made) or perhaps I’m being too synical?

Finally they said once it’s all received they would ‘be in touch to get you booked in for a variation appointment’ which sounds very ominous and scary. Has anyone else experienced this before? And what it entails?

Thank you as always!

kallis3

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Post by kallis3 » Thu Jan 17, 2019 5:29 pm
You do need to provide info about your provider and you should be able to deduct payments you are making in the meantime. It is normal for a variation meeting to be held - nothing to worry about.
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

Debt free wanabee

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Post by Debt free wanabee » Thu Jan 17, 2019 5:32 pm
Thank you for replying so quickly.

So my understanding is the ‘appointment’ isn’t for me to attend but for the creditors to vote?

Foggy

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Post by Foggy » Thu Jan 17, 2019 5:35 pm
The letter has to be from the donor --- sort of "chain of evidence" for the creditors. It shouldn't restart the clock --- just check what it actually says in the variation proposal, when they draft it. No idea on the variation appointment (assumimg this is a little chat before drafting ( they could mean the variation meeting with creditors, in which case it is pretty much standard ) --- when I proposed mine I was pretty much left out of it after saying what I was proposing.
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

kallis3

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Post by kallis3 » Thu Jan 17, 2019 5:39 pm
No - you do not have attend.
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

Debt free wanabee

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Joined: Sat Oct 06, 2018 9:55 pm

Post by Debt free wanabee » Thu Jan 17, 2019 5:40 pm
Thanks Foggy!

I think I’ll keep an eye on the proposal, although not entirely sure what to look out for.

My expectations were similar to your experience Foggy - I had thought I’d make the offer and the Cogs would turn without my involvement.

I don’t mind attending an appointment if I have to, just apprehensive as to the format. Call it fear of the unknown! :shock:

kallis3

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Post by kallis3 » Thu Jan 17, 2019 5:44 pm
You will not have to attend - your creditors won't
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

Debt free wanabee

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Joined: Sat Oct 06, 2018 9:55 pm

Post by Debt free wanabee » Fri Feb 01, 2019 5:36 pm
Hi Folks,

Just an update for anyone following this thread. It might be useful info:

So I emailed across the info to aperture 2 weeks ago. No communication from them, besides a generic automated thanks for your email, which isn’t unusual.

Phoned again today to find they ‘hadn’t got the info’ even though they had some of the attachements, just not all apparently.

So they will draft the variation letter which will take 3-4 months and after that the variation meeting will be scheduled for 21 days after (assuming no amendments are requested by creditors)

I would urge anyone considering aperture, to consider carefully as they are grand when you set up the IVA but are quite difficult to communicate with and and generally very slow at responding etc.

I will update you all as soon as I hear any more.

Good luck all!
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