Settlement offer

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casey

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Post by casey » Wed Sep 04, 2019 6:15 am
Hello,
I was wondering if I could get some guidence.

I have 28 months left of my IVA and pay £175 a month, I've just made a settlement figure of £4000 as my father has offered the funds in order to complete my IVA.

I have also explained to them that I am looking to persuit a career change and this would result in a dramatic drop in my wages for the first 2 years of probation.

Does anyone know how long my IVA company have to arrange a meeting with my creditors, if any time limit at all?

And has anyone made the same sort of offer and/or the chances of it getting accepted.

My IVA is with Mccambridge Duffy.

Thank you all in advance

Foggy

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Post by Foggy » Wed Sep 04, 2019 6:45 am
It usually take 2 - 3 months to get an offer through. McCD are normally on the ball with such things.
It is impossible to second guess the creditors, but, very often, offers of this type and this sort of amount are accepted. Best of luck.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Sep 04, 2019 8:33 am
Yes once they have all the necessary information they have 21 days to call the variation meeting giving a minimum of 14 days notice.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Wed Sep 04, 2019 8:34 am
I take it you've made a full and final offer rather than a settlement?
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.
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casey

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Post by casey » Wed Sep 04, 2019 5:23 pm
Yes it was a full and final offer I have made.

Just out of interest, what is the difference in the 2?

Foggy

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Post by Foggy » Wed Sep 04, 2019 6:03 pm
Wed Sep 04, 2019 5:23 pmcasey wrote:
Yes it was a full and final offer I have made.

Just out of interest, what is the difference in the 2?
"Settlement" usually means paying the remaining balance of full original debt, fees and statutory interest. "Full and Final" refers to making an offer based on the remaining agreed payments.
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

Ferret123

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Post by Ferret123 » Wed Sep 04, 2019 6:19 pm
Evening.

I recently had a full and final offer accepted with Mccambridge Duffy. I offered £100 less than what was due to be paid over the remaining months on my IVA. After submitting the offer via email, it took 2 weeks for them to set a date for the variation meeting, the date was then 29 days on from that. Called them on the day about an hour after the meeting in which they told me the offer had been accepted. Still waiting on the completion certificate but my Iva was showing as completed on the insolvency register a week after the offer was accepted. I paid the lump sum on the day.

Best of luck.

Foggy

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Post by Foggy » Wed Sep 04, 2019 6:46 pm
Wed Sep 04, 2019 6:19 pmFerret123 wrote:
Evening.

I recently had a full and final offer accepted with Mccambridge Duffy. I offered £100 less than what was due to be paid over the remaining months on my IVA. After submitting the offer via email, it took 2 weeks for them to set a date for the variation meeting, the date was then 29 days on from that. Called them on the day about an hour after the meeting in which they told me the offer had been accepted. Still waiting on the completion certificate but my Iva was showing as completed on the insolvency register a week after the offer was accepted. I paid the lump sum on the day.

Best of luck.
Hi Ferret -- I would give McCD a quick call --- if the Insolvency Service have marked you as completed they must have had a copy of the completion certificate --- yours might have gone astay in the post.
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

Ferret123

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Post by Ferret123 » Thu Sep 05, 2019 6:30 am
That’s a good point, I was just happy seeing completed on the register didn’t think about that. 👍🏽

Lisa Thomas

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Post by Lisa Thomas » Thu Sep 05, 2019 8:43 am
Here is a short video on F&Fs v settlement:

https://youtu.be/h4dozq9aGak
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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