What are my chances?

MrMoon_2 · 16 March 2017 at 3:52PM

Hi Everyone,
I just wanted people opinion on my F&F, I started my IVA 3 years ago and I have 23 months remaining and I pay £140/ month with a dividend of 44p in the pound.
I have been struggling with mental health issues due to the IVA and it's beginning to have a negative impact on my job, so a family friend has decided to step in to help me out, I like to think I can pay back as much as possible and not interested in trying to get away with paying as little as I can so my friend has offered £3100 as a F&F offer which I will repay them eventually, unfortunately I was very naive to allow a ex partner to open accounts with my details, she !!!!!!ed off and left me with the debt.
I have 3 creditors in total, Tti Spc, Debt Managers and MAX Receovery.
I have sent my letter to my IP and now i'm just waiting to hear back, does anyone know if they will get back to me before the meeting or will I now not hear anything for at least a month? And how likely do you think my offer will be accepted?

I haven't had a good night sleep for the past year due to anxiety and stress caused by this debt, I just want it over so I offered as much as I could find.

foxy-stoat · 16 March 2017 at 4:23PM

I am afraid you will just have to wait it out.

Best of luck and report back on news.

mwarby · 16 March 2017 at 6:38PM

Has your IP actually agreed to go forward and present your offer to creditors ? if so I think you have a good chance as in right ballbark (24 months at £140 is £3360). Generally your IP would be reluctant to put forward an offer which has little chance of success. Ultimately though you'll just have to wait and see

MrMoon_2 · 16 March 2017 at 8:08PM

Not formally agreed yet, I sent the letter of offer to them last Wednesday, i'm not sure what happens next? Will they send me a letter to say whether or not they will proceed? My IP is HarringtonBrooks.

mwarby · 17 March 2017 at 7:58AM

I'm not 100% sure, but I'd think your IP would be in contact one way or another, as it may just be a case of notifying you of date for creditors meeting, or they might want to discuss the offer further before presenting it. I'm not sure if the IP can refuse to present an offer, but they will be reluctant to present an offer which they feel isn't your best offer or unlikely to be accepted

mwarby · 17 March 2017 at 8:22AM

I wouldn't also be surprised if your asked about income and expenditure, and property values if you own

This will be due the IVA company needing to show your offer against the current best estimate of how the IVA will pan out as it is

MrMoon_2 · 17 March 2017 at 3:35PM

I don't have to do a review as I only did one last month and nothing has changed (stated on letter) and also I don't own any property, I am currently private renting, my entire debt was £8000, and I've been paying £140 per month for the last 2 years (£100 for the first year), I just hope they can accept my offer, I have read many threads where the creditors accept a much lower offer than what I am offering so that's all I can go by, I have no idea what my 3 creditors are like in regards to F&F offers, does anyone have any experience with them?

mwarby · 17 March 2017 at 9:02PM

I think where creditors are taking much less, it's often due to a change in circumstances, which would cause the existing IVA to be unsustainable. If there's no such change the creditors will want my h the same as they'd get anyway

All you can do now is wait to be told the meeting date, or any actions from you to get to a creditor meeting.

What are my chances?

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