Hi all. A bit of background; I have a fairly straightforward IVA, in that it involves only myself, and I do not own a house. I have 20 repayments remaining and, so far, the IVA has run smoothly.
A family member has offered to fund a full and final offer, and I would like some advice with regards to how much to offer. I currently pay £320 per month, which amounts to £6400 of payments remaining.
I am thinking of offering £5000 as a first offer; I would like honest opinions, please, as to whether this is too low or if it is a bit high. I don't feel I can offer much lower, given that I don't have too much longer of my IVA remaining.
All advice gratefully received, hope everyone is having a good Easter and bank holiday weekend!
Hi all. I have a very straightforward IVA, in that it is only in my name and I do not own a home. I have 20 payments remaining, and have so far made all payments without any problems. I am happy that the IVA has run fairly well so far.
As mentioned, I have 20 payments remaining, and currently pay £320 per month (so £6400 in total). A family member has offered some money to go towards a full and final offer, and I wondered what sort of figure to go for? Given that I don't have too long left in the IVA, I don't feel like I can make too low an offer; would £5000 be a good starting point? Honest answers, please, as to whether I am making too high/low an offer.
By the time a F&F is prepared and voted on you will be saving around a year, so, yes, the wriggle room is much reduced. I would have gone in with £6k, maybe £5750. But, as I always say --- I have seen very low offers accepted, as well as generous ones refused.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Most firms do take 2 - 3 months, some take 6 or more and some seem to have to adjourn several times.
When Aperture brought out early exit loans a few years back, they suggested a 10% reduction on the outstanding balance for each complete year saved as a very broad guideline. But other factors are also in play, such as the dividend already agreed ( are the creditors already taking a big enough hit?), who the creditors are ( some disagree as a matter of policy) and the fact that the variation is going to cost the creditors around £500 extra in fees --- I daresay that even the weather and what they had for breakfast on the day has some bearing !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi all. Thanks for answers so far. Letter has gone to Step Change offering £5800, so fingers crossed that'll do the trick.
Another question, if I may? My mother (who is gifting me the money for the F&F) has had a letter from Step Change today, recommending that she takes independent legal advice so that she knows how entering in to the F&F agreement will affect her. Naturally, she wants to know what they mean by this; can anyone enlighten me, please?
It is a standard thing to tell clients so that they are seen to be giving good advice --- and preventing you from coming back later and claiming you were mis-informed, as they have suggested you check out what you are doing elsewhere.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wed May 01, 2019 9:16 pmChangedhabits wrote:
Thanks for your reply, Foggy. So there's nothing specific that my mum really needs to worry about? It's more a case of the IP covering themselves?
Yes. Your mum is not drawn into anything other than agreeing to donate the lump sum referred to in 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
Meeting of creditors happened today, and pleased to say that they agreed to the offer. So pleased that I can put this chapter of my life behind me now!
For the record, I just want to "put it out there" and say how great StepChange have been throughout my IVA. I wouldn't hesitate in recommending them......
Chap on the phone seemed to think it would only take 2-3 months for everything to be finalised and for my completion certificate to come through. Happy days.....
Wed Jul 03, 2019 9:40 pmChangedhabits wrote:
Meeting of creditors happened today, and pleased to say that they agreed to the offer. So pleased that I can put this chapter of my life behind me now!
For the record, I just want to "put it out there" and say how great StepChange have been throughout my IVA. I wouldn't hesitate in recommending them......
Chap on the phone seemed to think it would only take 2-3 months for everything to be finalised and for my completion certificate to come through. Happy days.....
Congratulations ! Onward and upward
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
