Hello everyone, FIRST TIMER here, you have all been a fresh of breath air over the past 18 months, i am now in a position to pay off my IVA with a little help from my father and wanted to know what happens next.
I have made a F&F settlement for £11K which is the total amount left in my IVA, my IVA company have said today they are willing to propose it to the creditors and mentioned some sort of appointment they want to set up with me.
Can anyone advise me as to what this interview might be and what happens next.
Also do you think £11k would be enough for a F&F settlement?
Hi Redpat, normally your IP would set up another creditors meeting for the F&F. Have you submitted a written statement showing why you want the F&F and where the funds are coming from?
Hi Julie thank you for a quick reply. I havent submitted a written statement but my IP asked for a wriiten statement signed by my father to say that he is willing to fund this for us and pay of the IVA which was sent in last week.
Your IP will give the creditors the details and fingers crossed they'll accept.Your offer is a good one, I know some have offered less than whats owing on the IVA and been accepted.
Contact your IP and ask when the meeting will be and do you have to continue with your monthly payments whilst waiting.
Fingers crossed you get the F&F accepted, please keep us updated xx
My IP have arranged a Variation meeting (telephone appointment) for end of the week, whats happens at this meeting? Im guessing that they want to know why I am looking for a F&F settlement is this what the phone call will be about?
hi jason your creditors will vote on whether to accept the offer by the time of your creditors meeting,just the same as setting up your iva.you will be informed on the day if it as been accepted thats it.i,m sure you will be fine with your excellent offer good luck.
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
This is a variation meeting with my IP who will be writing the fianl report for all my creditors i just dont want to say the wrong thing to jeopadise anything.
Would I be ok to say that my wife is possibly going to lose her job soon and hence her father is willing to bail us out with a lumo sum to pay off with a F&F offer, we also will need to get another car as this one keeps breaking down on us would they accept these as a genuine reason for a F&F?
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
You need to tell the truth to the IP as to why you want to offer the early settlement. They will then be best placed to advise you if they feel that the offer is a good one or not, and whether they expect creditors to accept.
Thanks Melanie, Would it be ok to mention my wife's work situation, she has received a consoltation letter from her employer which is stressing her out
Mention anything that will help you with your F&F.
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
