Hi,I have put forward a F&F settlement

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lee1234

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Post by lee1234 » Wed May 19, 2010 5:56 pm
Hi,

I have put forward a full and final settlement of £9000.
My voluntary arrangenent was £10980(£183 pm).
With £6588 going to creditors,which is a divident of 30.60p.
I have paid into my iva £1856 which brings it down to £9124.
My monthly payments have increased to £205pm which with my calculations i have £10,224 remaining.
Do ou think my £9000 will be accepted??
 
 

Shining

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Post by Shining » Wed May 19, 2010 7:12 pm
It seems a good offer lee and I wish you well with the acceptance of this. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MRBLUESKY

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Post by MRBLUESKY » Wed May 19, 2010 9:19 pm
hi lee if you hav,nt got the 4th year release clause in your iva it may be worth trying a lower offer of say £7,000,since your iva is in its early stages,your ip may be prepared to waive some of their fees,assuming the the funds are from a third party.
 
 

Daveyboi

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Post by Daveyboi » Wed May 19, 2010 9:46 pm
Hey Lee

I would also start lower with the offer requesting the IP to adjust their fees accordingly for early repayment if the fees quoted were projected for 5 years worth of work ie annual reviews.

Good luck and I hope its accepted for you

Kind regards

Davey
DaveyBoi - Just Keep Smiling :)

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kallis3

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Post by kallis3 » Thu May 20, 2010 12:56 pm
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
 
 

lee1234

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Post by lee1234 » Thu May 20, 2010 2:52 pm
Hi,
Thanks for all the replies.
The money is from a third party,and I have alredy submitted the £9000 offer.
I have my variation meeting on tuesday.Is anyone away of the process after this and the time scale.
 
 

MRBLUESKY

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Post by MRBLUESKY » Thu May 20, 2010 4:15 pm
you should here from your ip company on the day of the variation whether your offer has been accepted, then its just a matter of sending the funds to your ip.then you should cancel your standing order, and recieve a completion certificate in aprox 6 weeks.good luck £9000 seems a very good offer to me.
 
 

lee1234

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Post by lee1234 » Thu May 20, 2010 4:38 pm
thanks for the reply.I only submitted the offer on monday,and they have arranged the varition for next tuesday over the phone.Does this seem the correct process?.It just seems a bit quick compared to wat I have read on other forums
 
 

Michael Peoples

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Post by Michael Peoples » Thu May 20, 2010 4:54 pm
I doubt if your IP firm will have the variation meeting called as that is not enough notice. It is normally 28 days notice for a variation meeting. It is more likely that someone will go through everything with you on Tuesday and then draft the offer.The meeting will follow afterwards. Best of luck.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lee1234

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Post by lee1234 » Thu May 20, 2010 5:32 pm
Thats the thing,i have the feeling they lie to me all the time,and never give me a straight answer.
The person said it was a variation meeting,t go through if my income and expendiure are the same??
 
 

Michael Peoples

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Post by Michael Peoples » Fri May 21, 2010 9:23 am
It sounds like they want to review your income and expenditure before passing it to have the variation drafted. Ask them how long it will take as there are some horror stories on here of people waiting months for straightforward variations to be called.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lee1234

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Post by lee1234 » Wed May 26, 2010 6:09 pm
Hi,

It was an income and expeniture review which I completed on Tuesday.
I have already sent my documents to show my changes to my finances.
My monthly payments have stayed the same which means my iva is for £10,995 and payable to creditors is £6556. i have paid £2079 so far.
Do you think my £9000 will be accepted??
 
 

MelanieGiles

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Post by MelanieGiles » Wed May 26, 2010 11:47 pm
I think that it is a fair offer which has a good chance. These days IP fees are based on a percentage of realisations - so there is unlikely to be any fee saving for early completion if you go in at a lower sum.
Regards, Melanie Giles, Insolvency Practitioner
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