On This Morning!
Debtwizard Facebook Debtwizard Twitter

Call 03339 870 180  
Monday to Thursday: 9.00am - 8.00pm, Friday 9.00am - 5.30pm

Simple debt advice - with no up-front costs

IVA - Full and Final Offer

The DebtWizard Debt Help Forum and IVA Forum covers England, Ireland, Scotland, Wales and those UK residents currently living overseas (ex pats).

We launched the forum on 10th March 2010 and by the 3rd August 2014 we had recorded 4M forum page reads! More stats at the bottom of this page.

Click here to find out more about the DebtWizard Forum and meet the DebtWizard Forum Panel Members.

To find out how to manage your account including upload a photo or image to the forum click here.
18 posts • Page 1 of 21, 2

IVA - Full and Final Offer

Postby Perrier » October 21st, 2014, 11:04 am

Hi, Im new to this site and have a question for the debt wizard:

I am in my 5th year of a 6 year IVA plan, its a single plan in my name, but my husbands wages were taken into account as he was willing to help me with the payments, I have had a change in circumstances, in that my husband and I are seperating, which in turn makes me unable to make monthly payments of £334, I can now only make the minimum payment of £100.

My husband has offered to make a F&F payment of £8000 into my plan, do you think this will be accepted??

Your help in this matter would be greatly appreciated, thanks :?
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Re: IVA - Full and Final Offer

Postby Debtwizard » October 21st, 2014, 11:52 am

Hello Perrier and a very warm welcome to the fee free debt help and IVA forum. :)

I note that you are in a six year IVA, is this because you have house equity? If yes, what does your proposal say about how you intend to deal with the equity?

What I suspect is that you will not be able to remortgage because of your credit rating being adversely affected through the IVA and therefore you will make an additional 12 months payments into your IVA. Please confirm if this is correct.

I note that you say you can no longer afford the £334 monthly IVA payment but are able to offer £100. Who has come to that £100 figure, you yourself or with the help of your supervisor?

Final question, have you already approached your IVA supervisor requesting a full and final settlement? If so, has the £8,000 already been offered?

Sorry about the questions, just need a bit more information then I can help you plan a way forward.

Best wishes,
Mike
How do we help at DebtWizard?

We can help stop the phone calls & threatening letters
We can provide you with a solution to get you back on the road to recovery
We put you in control of your debt

03339 870 180 (Mon to Thu 9.00am - 8.00pm, Friday 9.00am - 6.00pm)

Simple debt advice - with no up-front costs
User avatar
Debtwizard
DebtWizard Panel Member
 
Posts: 4278
Joined: February 24th, 2010, 5:29 pm

Re: IVA - Full and Final Offer

Postby Perrier » October 21st, 2014, 12:04 pm

Hi Mike

Thanks for your quick response, you are right in thinking that I would not be able to get a remortgage because of the IVA. The new payment of £100 has been discussed with my supervisor and standing order set up.

I have spoken on the phone about a full and final for £8000, but the official letter has not been sent yet.

Kind Regards
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Re: IVA - Full and Final

Postby Perrier » October 21st, 2014, 12:30 pm

Hi Mike

Thanks for the quick response.

You are right in thinking that I cant remortgage and I've agreed £100 per month with my supervisor.

I have spoken to my supervisor about the full and final and have spoken of a sum of £8000 but nothing in writing yet.

Kind Regards
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Re: IVA - Full and Final Offer

Postby Debtwizard » October 21st, 2014, 6:20 pm

Hello Perrier

Can you please confirm how many months remaining of the IVA when running to 6 years, is it 24 at £100 pcm?

Do you envisage that your disposable income will remain at £100 for the next two years or so?

How much equity is the in the property, this is the difference between the outstanding mortgage and the current value? Your 50% share is how much?

Best wishes,

Mike
How do we help at DebtWizard?

We can help stop the phone calls & threatening letters
We can provide you with a solution to get you back on the road to recovery
We put you in control of your debt

03339 870 180 (Mon to Thu 9.00am - 8.00pm, Friday 9.00am - 6.00pm)

Simple debt advice - with no up-front costs
User avatar
Debtwizard
DebtWizard Panel Member
 
Posts: 4278
Joined: February 24th, 2010, 5:29 pm

Re: IVA - Full and Final Offer

Postby Perrier » October 21st, 2014, 6:25 pm

Hello Mike

Yes £100 pcm for 24 months and no it will not change as I have to support myself.

My 50% share of the property would be worth approximately £25000, my enstranged husband has tried to remortgage, but was only offered the same amount as what we already owe.

Thanks for your help
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Re: IVA - Full and Final Offer

Postby Debtwizard » October 21st, 2014, 11:29 pm

Hello Perrier

Your revised IVA payments will bring in £2,400 over the remaining 24 months of your IVA, £100 x 24. I note that you have a reasonable sum of equity, your share being £25,000.

Had your IVA repayments remained at £354 x 24 months this would have yielded £8,496. I suspect your equity clause in your IVA would have meant that you have dealt with your share. Basically the IVA can conclude as satisfied.

Therefore, and it is only my opinion, I feel that the offer of £8,000 is a very sound offer under the circumstances when taking into account your separation as well. I would be very surprised if it was rejected.

If your IVA supervisor decides to call a variation meeting then that is the first testament that your offer does indeed have merit.

Just one question, is your soon to be ex husband able to raise this sum, comfortably? My only concern would be that should you broker a deal with your creditors how confident are you that the £8,000 can be raised, this is something your IVA supervisor will also want to know and include in his/her report to creditors.

Are you happy with what to say in any letter to write to your supervisor when submitting the offer. If stuck let me know and I can email over a template to help get you going. ;)

I trust this helps,

Best wishes,

Mike
How do we help at DebtWizard?

We can help stop the phone calls & threatening letters
We can provide you with a solution to get you back on the road to recovery
We put you in control of your debt

03339 870 180 (Mon to Thu 9.00am - 8.00pm, Friday 9.00am - 6.00pm)

Simple debt advice - with no up-front costs
User avatar
Debtwizard
DebtWizard Panel Member
 
Posts: 4278
Joined: February 24th, 2010, 5:29 pm

Re: IVA - Full and Final Offer

Postby Perrier » October 22nd, 2014, 6:02 am

Morning Mike

Yes my enstranged husband has the money in savings account and Im ok on the letters, I copied and pasted the letters required from another post you had helped with.

I will keep you updated, thanks for your help at a very worrying stressful time.

Kind Regards
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Re: IVA - Full and Final Offer

Postby Debtwizard » October 22nd, 2014, 1:53 pm

Hello Perrier

Glad to have been able to help.

Would be great and helpful to other visitors if you are able to pop back and update this thread with how you are getting on.

It may take a couple of months before the variation meeting can be held for your creditors to consider your offer. Your IVA supervisor, unless otherwise stated, will expect you to make the £100 revised monthly payments in the interim.

Best wishes and good luck.

Mike
How do we help at DebtWizard?

We can help stop the phone calls & threatening letters
We can provide you with a solution to get you back on the road to recovery
We put you in control of your debt

03339 870 180 (Mon to Thu 9.00am - 8.00pm, Friday 9.00am - 6.00pm)

Simple debt advice - with no up-front costs
User avatar
Debtwizard
DebtWizard Panel Member
 
Posts: 4278
Joined: February 24th, 2010, 5:29 pm

Re: IVA - Full and Final Offer

Postby Perrier » January 27th, 2015, 3:20 pm

Hi Mike, just an update really, my IP has informed me that my variation meeting is on the 10th Feb, very nervous, do you think it will be accepted ???
Perrier
New Member
 
Posts: 8
Joined: October 21st, 2014, 8:08 am

Next

18 posts • Page 1 of 21, 2

Return to The DebtWizard Debt Help Forum & IVA Forum

Who is online

Users browsing this forum: Bing [Bot] and 13 guests

cron