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Jamie247
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by Jamie247 » Wed Mar 01, 2017 10:34 pm
Hi

I was wondering if you can help My iva finishes next September 2018 not long i know :) i was wondering if i can have some advice i have to take a less paid job by 2 grand a year due to restructure etc i currently pay 150 a month and my partner is on a low wage anyway we can just make ends meet i was wondering what coukd i offer for a full and final everytime i ask iva company they say they wont do a a meeting unless i can meet all payments and maybe more? but i can barely afford 150

Jamie
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Foggy
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by Foggy » Thu Mar 02, 2017 7:58 am
What they are saying is that yiour full and final offer should be based upon the current payment amount multiplied by the number of remaining payments. In the meantime they probably have the discretion to reduce payments by up to 15% without a variation meeting ( this is usually written into the agreement -- have a look) and you are within your rights to ask for a new I&E to be carried out. Anything more than 15% would need to be agreed by the creditors.
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Michael Peoples
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by Michael Peoples » Thu Mar 02, 2017 10:21 am
Ask for a variation to be called and put it in writing to your IP. State your case as above and the IP must call a meeting within 21 days. Creditors normally closure in cases such as yours with payments made to date and you do not need to offer a lump sum that you do not have.
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Jamie247
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by Jamie247 » Thu Mar 02, 2017 7:21 pm
If I offered the reaming months payments would this be accepted?

And end my Iva
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Foggy
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by Foggy » Thu Mar 02, 2017 7:48 pm
It usually is -- but, at the end of the day, will be up to the creditors to accept or refuse.
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Jamie247
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by Jamie247 » Thu Mar 02, 2017 8:50 pm
Michael Peoples wrote:
Ask for a variation to be called and put it in writing to your IP. State your case as above and the IP must call a meeting within 21 days. Creditors normally closure in cases such as yours with payments made to date and you do not need to offer a lump sum that you do not have.


Hi Michael what would I say?
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Michael Peoples
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by Michael Peoples » Fri Mar 03, 2017 9:02 am
Basically what you said in your first post and provide any evidence you can from your employer. Ask the IP to call a meeting of creditors allowing the IVA to be closed down based on payments made to date. Put the request in writing together with the back up and send it off. The IP must then call the meeting.
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