I have completed 2 years of my IVA arrangement, I pay £144 a month and have 4 years left, my grandparents have offered to pay my IVA off with a full and final payment, as I need to move out of my parents house due to my mum falling ill and needing to move house to another. This would then affect my monthly payments, I pay £350 to live at home now but this will rise due to paying bills etc. I don't know how much my new outgoings would be so would rather just get rid of the IVA hanging over me.
How much do you recommend would be the best amount to offer for a full and final payment and would my reasons be enough to justify doing an F&F. I was thinking around £5000. But has anyone heard of them taking anything that low? My payments would be £144 x 48 = £6912 left.
You would be saving the creditors some 4 years of messing about with small dividends, so a reduction on the remaining payments is possible. I think, given that saving along with the possibility of a reduced payment, or the IVA even failing due to upcoming changes, that the offer of £5k would be looked at seriously.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your advice. Things have had a little change since I last posted so just want some advice.
My annual review came in before I started looking into carrying out a full and final offer. My income on the I&E form was incorrect and hasn’t been changed since my last review. I have flagged this. But after filling out my form it looks like I only have £20 left a month affordability. I have had an increase in rent of around £75 to stop me being homeless! which I am explaining in my review but now I am worried this will fail my Iva. I can adapt by reducing my allowances like hair and health and food slightly but still the £144 is becoming hard to afford.
This was one of the reasons I wanted to complete a full and final. But now My grandparents will only be able to help me out with £4K not 5 and I have as I’ve said before 48 x £144 payments left.
Do you think as my monthly payments aren’t affordable anymore that I should offer the £4K if they ask for a variation to discuss the decrease in monthly payments with my creditors. realistically I would only be able to afford £80-90 a month payments. So that way they would get the money upfront?
If they feel that they could convince the creditors that, say for the sake of illustration, the new monthly payment is £100, then the F&F need only then be based on 48 x 100 -- so much closer to the eventual F&F offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I’ve recently had a full and final accepted I was paying 280 a month had been for 2 years had 3 years left + 2 months due to payment holidays so in total £10,640 remaining if IVA was to continue under current terms, due to change of circumstances when vanguard did my annual review my new amount I would be able to pay would only have been £84 per month, I made a F&F of £6500 and it was accepted by 100% of creditors. Since I’m not a home owner this was the best outcome possibly for the creditors which may be why it was accepted, in your case your offer is close to what you would pay over the next 4 years anyways than mine was so every change. I would speak to your IP however as I spoke to mine and we both agreed that it was a good enough offer to be put forward to the creditors
IVA Started 07/07/2017
F & F Accepted 06/09/2019
Completion Certificate 16/12/2019
So a little update. My annual review came back as staying the same! So I rang the review team to talk it over how my circumstances had changed and due to change further. Which was a great help as they have now reduced my payments to my original amount of £114 a month.
I called up yesterday in regards to the full and final proposal as I hadn’t received a call or email as promised. I have been given an amount of £4500 to offer from my grandparents now. So I spoke to someone in the variation team who told me my offer was reasonable and should definitely put it forward. So all documents have been sent over to them so officially I’ve done my bit now and I just need to wait for the meeting!
Hopefully the wait doesn’t feel too long!! They mentioned 28 days on receipt of the documents if that’s correct?
This forum has honestly helped me so much with advice!! So glad I stumbled across it!x
Fingers crossed it all goes well for you. Let us know and it should be within 28 days for the meeting.
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. http://kallis3.blogs.iva.co.uk
Wow, that was a quick response. Just got an email from creditfix saying my meeting has been set for 31/10/19! Has put my mind at ease now that I know the date.. now just to keep everything crossed! Thank you! Will let you know the outcome!
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. http://kallis3.blogs.iva.co.uk
Arghh.. it’s been a long 27 days! Now it’s Less than 24 hours until my meeting! I am so nervous and hoping that my full and final offer is accepted!! Does anyone know if you find out on the day if they have accepted?
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. http://kallis3.blogs.iva.co.uk
Arghhh.. Haven’t heard anything yet! I am so nervous! my meeting was at 10am.. CF have always been shocking with communication so I’m not surprised I haven’t heard from them yet! But should I give them a call a bit later on if I haven’t heard back? As surely they know the outcome by now!!
Does anyone know if you find out on the day if they have accepted?
my meeting was at 10am.. CF have always been shocking with communication so I’m not surprised I haven’t heard from them yet! But should I give them a call a bit later on if I haven’t heard back? As surely they know the outcome by now!!