Full and Final Proposal

14 posts Page 1 of 1
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Thu Mar 09, 2017 5:56 pm
Hi everyone

Looking to settle my Iva early as I have 31 months left to pay on £218 monthly payments. My sister has offered to give me the money to pay off if my IP will accept the proposal.
How much do you think is fair amount to be likely accepted by my creditors??

Thanks
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 09, 2017 6:06 pm
Assuming that there is no equity to be looked at your creditors are looking to get a further £6758 over the next 31 months. Allowing for the fact that they will be making savings in admin costs, I would put an offer in, in the region of £5,000. They might accept less, but might also refuse more !!
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Thu Mar 09, 2017 6:22 pm
Foggy what do you mean by they might refuse more? I also have no equity.
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 09, 2017 6:52 pm
Flavour79 wrote:
Foggy what do you mean by they might refuse more? I also have no equity.


Just that I have seen very low offers accepted, but I have also seen very generous ones refused (rarely).
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Thu Mar 09, 2017 7:04 pm
Thanks for clarifying. Is there a set template to follow to make the proposal to IP?
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 09, 2017 7:19 pm
Not really -- just send a letter detailing the offer -- use the term Full and Final, not settlement (that is a whole lot more expensive). Mention that the funds are coming from a third party for the purposes of a F&F only, if the offer is rejected they will be retained by the donor and not be available for the IVA.

Most firms will get this sorted in a couple of months, a few take a lot longer, so you could mention that the lump sum will be reduced by the amounts of payments made after a given date.
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Thu Mar 09, 2017 8:00 pm
Will 3 months be ideal time to state that amounts will reduce?

Thanks for all your support.
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 09, 2017 8:59 pm
Flavour79 wrote:
Will 3 months be ideal time to state that amounts will reduce?

Thanks for all your support.


As long as you are not with Payplan, 3 months should see it done and dusted.
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Thu Mar 09, 2017 10:17 pm
Am with StepChange
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Fri Mar 10, 2017 7:49 am
Flavour79 wrote:
Am with StepChange


OK -- they are not the fastest, but do have their moments :-)
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Fri Mar 10, 2017 8:30 am
Hmm . Will draft something up by the end of the month and hope to get the funds from the third party ready to make the proposal.
Thanks again
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Fri Mar 10, 2017 8:34 am
One last question here . Once it accepted and all creditors agree how long does it take to come of insolvency register as I know with my credit file it's still gonna be 6years?

Foggy wrote:
Flavour79 wrote:
Will 3 months be ideal time to state that amounts will reduce?

Thanks for all your support.


As long as you are not with Payplan, 3 months should see it done and dusted.
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Fri Mar 10, 2017 9:50 am
You will still remain in the Register for "up to" three months from the date of the completion certificate. I believe Stepchange are pretty prompt in getting the certificates issued.
Flavour79
Posts: 9
Joined: Fri Mar 03, 2017 10:28 pm
by Flavour79 » Fri Mar 10, 2017 10:07 am
Thanks for that information.
14 posts Page 1 of 1
Return to “full and final settlements”

Who is online

Users browsing this forum: No registered users and 3 guests