F&F letter advice please?

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anbe
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by anbe » Wed Jun 21, 2017 4:21 pm
Hi
I am about to put a F&F offer in for my IVA as my parents have offered to help me out. To cut a long story short I'm about 38 months into my IVA and my relationship has broken down causing me allsorts of stress and worry about the future. Would the below suffice as a letter? (I will add in amount and date obviously :wink: )

"I am writing to advise you that my parents are prepared to provide me with a sum of £xx to offer to my creditors in full and final settlement of my obligations under the IVA. I believe this will provide a similar return to creditors as that which was originally anticipated, and has the benefit of repatriating monies at a much earlier juncture than the original proposals.
As I expressed in my most recent review of XX date my relationship has broken down. This is causing me much anxiety and uncertainty with regards to my financial and living arrangements. I am finding this incredibly stressful and it could have a bearing on my future ability to complete the IVA as arranged. As such, I think the offer from my parents is the best way forward.
I would be grateful if you would arrange for a meeting of my creditors to be called to consider the offer at the earliest available opportunity. In preparation for this I am enclosing my last three wage slips and my current statement of income and expenditure. I would be grateful if you would acknowledge receipt of this letter and advise me of the timescale in which the offer can be submitted.
My parents have made it clear that the funds are only to be utilised in full and final settlement of the voluntary arrangement, and in the event that you insist that you be in funds prior to the meeting that the monies will be held in trust to their order, to be promptly returned without deduction, in the event that the offer is rejected.
I shall look forward to hearing from you as soon as possible and please do not hesitate to contact me if you have any queries with regards to my request."

Thanks
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Foggy
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by Foggy » Wed Jun 21, 2017 7:29 pm
Hi -- yes it looks okay to me. Best of luck with it.
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Lisa Thomas
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by Lisa Thomas » Thu Jun 22, 2017 8:41 am
I think you may want to consider adding:

-evidence that the funds are coming from your parents own monies (copy of their bank statement)

-a mention that you understand the IP has 21 days to call the variation meeting and you look forward to receiving confirmation this has been called

- any contributions paid in the meantime are to be deducted from the lump sum
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Lisa Thomas
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by Lisa Thomas » Thu Jun 22, 2017 8:45 am
anbe
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by anbe » Sun Jun 25, 2017 10:51 am
Thank you both for your help
Where does the 21 days come from? I can't see anything in my agreement except 28 days notice to creditors being needed.
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Foggy
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by Foggy » Sun Jun 25, 2017 3:38 pm
anbe wrote:
Thank you both for your help
Where does the 21 days come from? I can't see anything in my agreement except 28 days notice to creditors being needed.



It should be in the standard conditions annexed to your arrangement.
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Lisa Thomas
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by Lisa Thomas » Tue Jun 27, 2017 9:31 am
Look at the Variation section.
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