Settling my IVA after equal pay claim windfall

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Foggy

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Post by Foggy » Tue Aug 21, 2018 6:56 pm
They usually ask for the whole windfall and refund the surplus. This is partly due to the fact that the final figure, being calculated on a daily basis will not be known until the last day, after creditors claims have all been finalised.

The total to settle the IVA on a debt of £11k would be around £14k plus possible statutory interest at 8% simple p.a, calculated daily on the reducing balance. Say currently £880. So, being generous the total required would be £15k less whatever you have paid so far. You could suggest to the IP that they have £15k and refund the surplus from that.
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

Foggy

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Post by Foggy » Tue Aug 21, 2018 7:51 pm
I would try the line that you MAY be getting this payment ... don't say how much. Tell him that you think that £15k would cover the full amount outstanding --- and if he feels otherwise could he give you a rough figure.
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 Aug 22, 2018 8:43 am
Speak to your IP but as Foggy suggests be prepared to pay over the full sum and wait for the surplus to be paid back once your IP has finalised the IVA.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Aug 22, 2018 12:09 pm
I don't see why you would be required to pay £600 for a creditors meeting if a windfall is received - a meeting would not be necessary as far as I am aware...
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

Lisa Thomas

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Post by Lisa Thomas » Wed Aug 22, 2018 12:27 pm
You are not 'offering' to pay the debt off. This is a windfall and is an asset due into the estate. There is no variation so no meeting is needed.

I think perhaps you are confusing a windfall with a settlement offer.
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

Foggy

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Post by Foggy » Wed Aug 22, 2018 12:49 pm
As Lisa says, there would be no meeting required. The terms of the windfall agreement are already bound within the existing agreement. There is no variation to consider.
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
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