Full & final settlement offer whilst in breach?

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Happyone

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Post by Happyone » Mon Feb 17, 2020 8:56 pm
Ah ok thats good, thanks again. I am reading conflicting things on these forums and the internet in general, just wondering if they will ask for a further review of my finances (if my offer is accepted of course) between now and getting my completion certificate. I have emailed them telling them that I have already received a refund for PPI back in 2010 when i had none of these debts that are in my IVA.

Happyone

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Post by Happyone » Wed Feb 19, 2020 6:16 pm
My work situation has changed today. I will now be earning £800 less a month. Do you think I should still inform my IP? I don't want it jeopardise my full & final offer to my creditors but wonder if it might work in my favour if they see this is potentially the best that my creditors are going to get, so more inclined to accept my offer? Would appreciate your advice. Thank you.

Happyone

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Post by Happyone » Wed Feb 19, 2020 6:17 pm
My IP also insisted that I still make my monthly payment even though the letter my parents wrote said that was part of the offer? I agreed to pay the monthly amount if they sent it to my creditors, which they have done now. Do you think I will still need to do this?

Happyone

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Post by Happyone » Tue Mar 17, 2020 2:27 pm
It was my variation meeting this morning at 10.00am but I haven’t heard from Hanover yet. How long shall I wait before they confirm a decision to me?

Foggy

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Post by Foggy » Tue Mar 17, 2020 2:27 pm
I would be giving them a call.
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

Happyone

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Post by Happyone » Tue Mar 17, 2020 2:35 pm
I’m at work so can’t right now but have sent an email...thank you

Foggy

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Post by Foggy » Tue Mar 17, 2020 2:41 pm
Good luck.
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

Happyone

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Post by Happyone » Tue Mar 17, 2020 2:51 pm
My IP just confirmed that ‘the full and final settlement of the arrangement has been approved’ so think that’s a yes! 🙏🏻🙏🏻🙏🏻 They are going to send me a further confirmation email in due course...

Foggy

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Post by Foggy » Tue Mar 17, 2020 4:48 pm
Tue Mar 17, 2020 2:51 pmHappyone wrote:
My IP just confirmed that ‘the full and final settlement of the arrangement has been approved’ so think that’s a yes! 🙏🏻🙏🏻🙏🏻 They are going to send me a further confirmation email in due course...
Excellent -- well done !
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

Happyone

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Post by Happyone » Tue Mar 17, 2020 5:22 pm
Thanks so much Foggy and for all your help 😀 I don’t have any PPI owing to me so am hoping I get my completion certificate ASAP. Is it likely to take 6-8 weeks to get?

Foggy

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Post by Foggy » Tue Mar 17, 2020 6:45 pm
I don't know how quickly Hanover react to completion, but, hopefully, it will be within a couple of months.
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 » Wed Mar 18, 2020 9:34 am
Great news, well done.
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

Happyone

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Post by Happyone » Thu Mar 26, 2020 9:43 am
So I knew it was too good to be true...apparently Hanover are now contacting me saying that I may need a final review where they want my last 3 months proof of income and last 3 months full bank statements. If my creditors have agreed to settle for £3,500 and my parents have already paid them this money, how can they now go back on it and say that I still owe them more money? Or why do they need to do this review?

I have only been earning a part-time wage (so alot less than what I had originally earned when I was last reviewed and was paying £100 a month). My worry is that they put into breach of my account before my offer was made when they saw my statement for one month and told me I was in breach for spending on things like the lottery etc. I didnt realise this (stupid I know but my mental health isnt and hasnt been great the last few months, hence why I needed this thing over with because I've not had the best judgment).

If I send them these statements and I have spent on things I shouldnt could they now stop the IVA fully ending and demand that I pay back the creditors the total amount, even though I am only earning just over £1,000 a month and my outgoings are close to this? (I was earning £1,800 then). My mum also put money into my account at various points as I was having breakdown after breakdown over the phone from having no money. But they will see this now wont they :-(

Really panicking again now....my parents paid this off so my mental health wouldnt deteriorate any further and this is now sending me back into a tailspin where my finances are concerned :-(

Happyone

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Post by Happyone » Thu Mar 26, 2020 9:51 am
Even though I have been on a much lower wage without telling my IP, I have still been paying the £100 into my IVA as didnt want the stress :-(

Foggy

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Post by Foggy » Thu Mar 26, 2020 11:07 am
There should always be a final review to check that you haven't earned more than declared in the final year. As long as you have not missed payments and this hasn't been dealt with and as long as you have correctly declared all extra income, there should be no issues. It should be a formality.
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
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