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    • tiredofdebtnow
    • By tiredofdebtnow 11th Jun 17, 11:59 AM
    • 6Posts
    • 2Thanks
    Full & Final offer worried!!
    • #1
    • 11th Jun 17, 11:59 AM
    Full & Final offer worried!! 11th Jun 17 at 11:59 AM
    This is my 1st post on this forum I am looking for some advice if possible please
    We are in month 52 of our 5 year inter-locking IVA's I have been made redundant and have received 20 weeks pay I am only part-time so this amount is £3900 I am struggling to find new employment due to several factors.
    We contacted our IVA firm, at the start of the IVA's we were expected to pay in £7800.00 which was a dividend of 0.14p in the £
    after conversations with the IVA company they have said we are currently ahead with payments we currently pay £210.00per month they have told us we have equity so a 12 month extension so I would be expecting £210.00 x 20 payments £4200.00 as a full & final offer but they have advised us to offer £1380.00 this will would be a total of £13,500 and 0.23p in the £. Any thoughts on this offer? the money is being funded by my mum I know she wouldn't be able to go to the £4200 as she simply doesn't have this money I am worried this will not be accepted but this is one of the larger IVA firms and they seem quite confident about it.
Page 1
    • sourcrates
    • By sourcrates 11th Jun 17, 1:40 PM
    • 11,604 Posts
    • 11,171 Thanks
    • #2
    • 11th Jun 17, 1:40 PM
    • #2
    • 11th Jun 17, 1:40 PM
    Well whats the alternative for them ? as you have been made redundant, something is better than nothing.

    My IVA ended in a similar fashion, i was made redundant, but i offered all payments to date as full and final settlement, i was in month 58, this was accepted by my creditors, usually your IP knows what they are talking about, so i would be inclined to take there advice on this.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see :
    • CocteauTwin
    • By CocteauTwin 17th Jun 17, 7:52 PM
    • 11 Posts
    • 19 Thanks
    • #3
    • 17th Jun 17, 7:52 PM
    • #3
    • 17th Jun 17, 7:52 PM
    Hi and well done for keeping up with your payments of 52 Months. It's entirely up to you but I would try to offer as near to what the payments would have realised. I would probably go for 3k - can it not come from a third party? As a gift? With the proviso that it was a 'take it or leave it' offer. Good luck though!

    Debt free: Full and Final accept April
    Completion Certificate arrived:June

    Payplan were a good company throughout my IVA.
  • National Debtline
    • #4
    • 19th Jun 17, 12:17 PM
    • #4
    • 19th Jun 17, 12:17 PM
    Hi Tiredofdebtnow

    Welcome to MSE. It would make sense to offer your creditors what they would have received had the IVA completed. However given that your IVA company is suggesting a much lower offer could be accepted it would make sense to start with that.

    Should your offer be rejected you could then make an increased offer. Fingers crossed the £1380 will be accepted, good luck.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • tiredofdebtnow
    • By tiredofdebtnow 19th Jun 17, 7:34 PM
    • 6 Posts
    • 2 Thanks
    • #5
    • 19th Jun 17, 7:34 PM
    • #5
    • 19th Jun 17, 7:34 PM
    Thank you All
    My F&F meeting is set for the 6th July, I can only hope for the best now my offer will be 0.23p in the £ it was originally expected to be 0.14p in the £ if it is not accepted not sure what will happen but I will face that if & when it happens.
    • kaffenback
    • By kaffenback 10th Jul 17, 11:10 AM
    • 22 Posts
    • 6 Thanks
    • #6
    • 10th Jul 17, 11:10 AM
    • #6
    • 10th Jul 17, 11:10 AM
    I have just recently been through this: at 4 years into my IVA, with a mortgaged property and having taken the maximum 6 month payment break, so in reality with another 3.5 years to go (due to the extra 12 months payments in lieu of the impossible remortgage attempt required at end of 5 years), I was paying around £128 a month when I had to reduce my working hours from 5 days to 3 due to ill health. My mother in law very kindly offered to help me settle the debt, so we made an offer of £3000 which was eventually accepted, after an initial refusal because they thought I was going to retire due to ill health. To carry on to the bitter end would have cost £5120, but as with your circumstances my ability to pay that had been severely reduced (though in reality we would have found a way) thus making the creditors look favourably at getting some jam now versus risking losing it all later, I suppose.

    Now just waiting for the paperwork to come through then I am completely debt free Meanwhile keeping up the mortgage has meant the property has accrued about £25000 in added value due to rising house prices, whilst the outstanding mortgage has also been reduced by about £25000. This means being able to retire from my stressful job when my work pension is due at 55 and do something more relaxed, then retire completely by age 65, as by that point will be mortgage free
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