Would this gift from my brother be an acceptable F&F ?

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andrews
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by andrews » Mon Oct 16, 2017 2:38 pm
I have been in an IVA from October 2013. The length has been extended to 27 June 2020. This was because my monthly repayment went down as such the length of the IVA was extended. In total I am expected to payback £11,772.39. To date I have paid back £5,772.39. So I If the IVA continues to the end I would pay a further £6000,00.

I can receive a gift from my brother of £3,500.00 as a one of solely to pay this as a full and final settlement. From your experience would this be an acceptable offer?
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Foggy
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by Foggy » Mon Oct 16, 2017 2:47 pm
In view of the fact that the IVA was extended because they were going to get less, offering less might fall on deaf ears. BUT ... it will save them three years of admin fees and getting payments in dribs and drabs, as well as allow them to get the toxic debt off of their books, so a F&F is always worth a shot.

I would have thought £4,500 more likely to be accepted, but have seen low offers accepted before ( as well as high ones refused!). Do not refer to it as a gift from anyone, but simply as third party funds, which will be retained by the donor in the event that the offer is refused.

Best of luck.
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Michael Peoples
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by Michael Peoples » Tue Oct 17, 2017 7:59 am
It is worth a try and if rejected you could try and haggle a bit if that was an option.
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Lisa Thomas
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by Lisa Thomas » Tue Oct 17, 2017 8:27 am
The more attractive the offer, the more likely it is to be accepted by creditors. It also helps to have the IP on side.
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