is this a F&F that is likely to be accepted ?

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owen134
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by owen134 » Tue Oct 31, 2017 2:52 pm
Hi There - currently into a 5 year IVA with 12 month extension - one year complete paying £250 per month (3k paid) - looking to offer 5k for full any final settlement - is it even worth while me going through the process - money is available but dont want the hassle if not to be likely accepted - thanks
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Foggy
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by Foggy » Tue Oct 31, 2017 2:56 pm
If you are a year in and assuming the equity clause will kick in, your creditors are expecting something like a further £15,000. I doubt that £5k would swing it to be honest. The creditors will most likely prefer to wait and get £10k extra.
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owen134
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by owen134 » Tue Oct 31, 2017 3:21 pm
yes i have the 12 month extension - so left i would have 15k (minus my year to date) so 5k would be a short fall of 10k - so this would never be accepted i suggest you would be spot on here - cheers for the feedback though
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luluj
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by luluj » Wed Nov 01, 2017 1:29 am
I agree with foggy you have an expected 5 years left at £3k a year therefore £15k ... plus the £3k already paid.
An offer of £5k I feel is too low in my opinion to be considered by creditors unless you have compelling reasons.
I would have said £10k was a much more viable offercat this early stage of your iva.
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owen134
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by owen134 » Wed Nov 01, 2017 7:43 am
Hi - no this is perfect information - i am not totally aware of the whole scenario but thanks for the informative feedback
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