I am coming up to my last year of my Iva in June and pay £100 pm totaling the who iva amount to £6000. I have jus been made redundant am expecting £5300 in redundancy pay. Can anyone tell me where I stand regarding a f&f offer and what would be an acceptable offer? If this is even an option.
As you have a year left (assuming you do not have equity in a property to deal with ) creditors are expecting a further £1200 from you, plus any redundancy monies over the equivalent of 6 months salary. Also assuming that your IP is happy to allow a F&F offer to be funded from the monies you are allowed to retain and the fact that such an offer would add around £300 in fees, I would suggest at least the £1200. With so little time left there is no real incentive for creditors to accept a reduced offer --- doesn't mean they won't ... just my thoughts on the matter.
It will take a few months to get an offer through, so you will not be saving much, by way of time, for the effort involved and, another assumption, I assume you will be allowed to keep the £5300 with which to live on (and keep paying the IVA) for 6 months. So it might be an option just to let the IVA run.
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
Thanks for the reply, these were my thoughts also I don't have anything in the way of equity. My only issue is I won't have the same income in new employment and I have only found placements with 5k less a year and quadruple the travel distance so I my monthly payments would have to go down. Would they not see this as a better alternative than to just let it run? Thanks again.