Looking for advice about offering a F&F offer.

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jites_uk
Posts: 17
by jites_uk » Wed Jan 31, 2018 1:11 pm
Yes HMRC are one of my creditors

kallis3 wrote:
Is HMRC one of your creditors at all?
jites_uk
Posts: 17
by jites_uk » Wed Jan 31, 2018 1:17 pm
I have been trying to call my IP to find out the creditors that had said no and if the meeting will still go ahead on the 7th, I know its not actually a meeting just creditors sending in their votes ( which would have been good if they had told me all the votes are in and my offer was accepted) anyway I feel less angry now and with just 36months left cos I am not taking any 6 months break, I am not in difficulty at the moment, I just feel the creditors will be short changed if I was paying 390 a month and now I am going to lose an income of £400 a month, if they do a variation meeting they wont even get £50 per month that why I spoke to the third party who kindly agreed the initial £8000. Anyway, I will update everyone with the outcome of my new and improved offer. Thanks Foggy and Kallis


Foggy wrote:
jites_uk wrote:
I started my IVA in 2015 to finish 2020, 390 x 24months = £9360 and with a year's extension of 12 months 390 x 36 = £14040. if with equity I offered 8000 instead of 9360 with just 1360 under I am surprised they rejected it, maybe cos of the equity, so now with equity or 36 months total expected would be £14040 and now with £10000 will see what they say minding that I am going to lose £400 income


Foggy wrote:
Ah, right ..... so your creditors were hoping to get around £18720 over the term (including the extra 12 months for equity). I can see that they would think £8k on the low side --- but should also take the toll on your health into some account.



Ah (agaiun) sorry -- in your first post you said you were two years in, so I assumed 3 years left, plus 12. You always have to factor in the 12 months, unless you can prove less than £5k equity, so your first offer would have been measured against them getting ( with your months left) £14k, so the new offer seems to have a better chance.
jites_uk
Posts: 17
by jites_uk » Wed Jan 31, 2018 1:21 pm
kallis3 wrote:
Is HMRC one of your creditors at all?



Yes HMRC is one of my creditors
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kallis3
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by kallis3 » Wed Jan 31, 2018 1:56 pm
It could be they are the problem.
jites_uk
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by jites_uk » Mon Feb 05, 2018 2:15 pm
Full and Final offer meeting on the 07/02/18, two days more and I have not been so nervous all my life, especially after being told it was rejected before the actual meeting. I asked my IP who refused and was told Evershed management, I don't owe this company but I guess they have either bough the debt or they manage the debt. I have given them a revised offer of £10,000 instead of £14,000 they would get if allowed to run its course.
I asked my IP to find out from this Evershed if it is acceptable to them, he has sent them an email but no reply, I guess I would just wait and see on the 7th.

I will keep the forum updated as soon as I hear anything, thanking everyone for their advice and everyone just starting out on their IVA, it may look like a long 6 years but before you know it its almost done.
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Foggy
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by Foggy » Mon Feb 05, 2018 2:22 pm
Fingers crossed !
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kallis3
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by kallis3 » Mon Feb 05, 2018 4:06 pm
Hope it all works out.
jites_uk
Posts: 17
by jites_uk » Mon Feb 05, 2018 8:01 pm
Hi All
Got the below email from my IP today in response to my question of what the Evershed thought of my new offer. Strangely enough they were asking question about equity in my home. But my IP said he answered them without needinf to consult me..i wonder what they wanted to know. 2 days to ff meeting and all this..wow. but am going keep hoping for the better on the 7th whilst preparing for the worst.

I'm emailing you again to let you know that I’m still in negotiations with Eversheds about Wednesday’s variation.



They had some questions today about the equity in your property which I’ve been able to answer but I’m still waiting for their final decision on the third party lump sum.



I’ll continue to monitor this tomorrow and let you know when I’ve had a decision from them.
jites_uk
Posts: 17
by jites_uk » Wed Feb 07, 2018 12:10 am
Hi All
My IP finally heard from my biggest creditor and sent me the email below.


As discussed I’ve now received revised votes from Eversheds for the creditors meeting due to held on 7 February 2018 at 11.30.



They have agreed to the proposed changes to your IVA but they have requested the following modification:



‘The third party lump sum is to be increased to £10,000.00’



Please confirm by email that you agree to this modification as I need your written confirmation.
jites_uk
Posts: 17
by jites_uk » Wed Feb 07, 2018 12:12 am
I am begining to feel hopefull for tommorow in fact today cos time is 00.12..i just cant sleep lol
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Foggy
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by Foggy » Wed Feb 07, 2018 7:38 am
Looks promising -- best of luck !
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kallis3
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by kallis3 » Wed Feb 07, 2018 9:32 am
I'll be thinking of you.
jites_uk
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by jites_uk » Wed Feb 07, 2018 3:01 pm
Oh my dayyysssss i am over the moon, my full and final offer has been accepted. I am overwhelmed a debt free life finally aftee many many years. I want to express my heartfelt gratitude to everyone here mostly kallis and foggy your encouragement literaly saw me through thanks a bunch. I can actually save now and rebuild my credit. Thank you thank you thank you
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kallis3
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by kallis3 » Wed Feb 07, 2018 3:04 pm
So very pleased for you! Glad we were able to help and support you.
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Foggy
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by Foggy » Wed Feb 07, 2018 3:55 pm
Excellent news !

t will feel a little surreal at first, but, you are debt free -- owe nothing -- and the lessons will stick for a long time. Over 4 years on I still live as though I am in an IVA and have savings for what must be like the first time since I was about 13 and in the Tufty Club !

Well Done !
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