IVA Close - Advice Sought

Kirstie007 · 3 July 2017 at 12:22PM

Hi I'm new to this group and wondered if anyone could offer some advice pls?

I'm currently at the end of year 4 of my IVA, having just under £5k left to pay it off in full. Thanks to help from my mum I'm thinking of making an offer to pay it off completely at my annual review in a couple of weeks.

I believe I could still be made to release equity or continue paying for another year or two, but as my current contract ended on 30 June with no other job opportunity currently available and my application for Universal Credit being processed as we speak I'm thinking this might not be an attractive proposition. My main questions are:
* Is there anything I need to be aware of before I make the offer?
* Should I wait for the review or contact them immediately to make the offer?
* How should I phrase the offer of money from my mum as I don't want them to take this and it not finish the IVA.

All tips gratefully received.

Thanks,
Kirstie

tiredofdebtnow · 3 July 2017 at 9:11PM

Hi Kirstie - I am in very similar position to you, I am in month 52 of my IVA (inter-locking) with my Husband I have just been made redundant and my Mum has put an offer in for a F&F offer to finish our IVA's my Creditors meeting is this Thursday 6th (extremely scared) My IP asked for a letter from my Mum with the amount she wanted to offer and the reasons for the F&F, she stated on the letter the Money was only available to close the IVA's and will not be available if the offer is rejected.
The process was pretty quick to be honest we put the offer forward on the 7th June and they set the date for the creditors meeting the following day they have to give 28 days notice to all your creditors, I am very worried that the offer will be rejected as it is low but this is what my IVA firm suggested we. offered I don't think my Mum will be able to offer anymore if rejected. What firm are you with?

Kirstie007 · 3 July 2017 at 9:43PM

Hi Tiredofdebtnow,

Thanks for your response there's some interesting info there, thanks.

I understand your anxiety, the whole process is nerve wracking!

I'm with Payplan, as there's a 28 day notice period I think I'll let them know asap.

Thanks for responding and good luck!
Kirstie

tiredofdebtnow · 3 July 2017 at 10:06PM

Good Luck to you too Kirstie - I will post on here on Thursday how I get on

Yes I would contact Payplan straight away as I have seen a number of posts on forums where PP are taking 3-4 months to even draft F&F proposals I hope this is not the case with you it is a ridiculous amount of time to wait I had my paperwork emailed the following morning we put the offer in. All the best and hope it goes well for you.

Kirstie007 · 6 July 2017 at 8:42PM

Hi, I was thinking about you today.

I hope your meeting went well?

tiredofdebtnow · 12 July 2017 at 12:38PM

Hi Kirstie - My F&F offer of £1380 was accepted I would have had 19 payments of £210 per month left to pay so £3990 if my IVA had run to the end as my IVA provider said I had equity and a 12 month extension (I dispute this I definitely do not have equity) however all went through ok, weird feeling actually I was massively relieved at first but the last few days have felt really stressed & unsettled I think it is because I have coped with everything for so long my brain doesn't know what to do!! I need to learn how to relax now it is all over.
I hope everything goes well for you keep posting with updates

Kirstie007 · 12 July 2017 at 12:55PM

Thats brilliant news, I feel relieved for you!
You can relax a little now and get your life back :beer:

It seemed a quick process, how long did it take to reach a decision?

tiredofdebtnow · 12 July 2017 at 4:49PM

My meeting was scheduled for 10:00am on the 6th July I had an email though at 08:45am telling me the creditors had accepted s they must have had the votes in prior to the meeting so the entire process was emailing my offer on the 7th June to it being accepted on the 6th July very quick!! s just need to wait for my completion Certificate I believe some firms take up to 6 months to send this out but I have been told my case has already been sent to their closures team to finalise ASAP so I will update when I receive this.
Have you contacted Payplan yet?

IVA Close - Advice Sought

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