Settlement offer

[Ayd]

Hi we have made a settlement offer which cover the remaining payments from my wifes redundancy. The offer is all of the redundancy. We have equity in our house so they can push for a extra year. We are wondering how long it takes for the offer to get processed and the iva finished if they do accept. Our iva company is cambridge Duffy we just a little bit worried if it takes to long the redundancy money could get eaten up by outgoings thanks.

[luluj]

It should not take any longer than the set up of a new iva.

If I were you I would contact your IP and explain situation and try to negotiate a way forward, as you will need to "ring fence" that payment or revise your offer to say x amount taking into account subsequent monthly payments made until decision is made.

Good luck

[Ayd]

Thanks I will call them. If my wife finds a job in between a decision being made do you think this could stop the creditors accepting the offer? The amount we have offered £2660 covers all remaining payments. But obviously they could push for equity release which is unlikely in the current time. Or 12 months of extra payments which would give them an extra £3200. Do you think there is a good chance they will accept either way? Thanks

[Foggy]

As Luluj says, a F&F offer generally takes a couple of months to go through --- they have to give creditors ample notice of the variation meeting.

In the current climate I am afraid it is anybody's guess what the outcome might be ( never was an exact science, but now even more complicated).

Best of luck with your offer.