Charco - Q ref IVA

james32_uk

Hi Charco, firstly let me thank you on the behalf of all the people that youve helped with advice over the last few years. It's always very helpful to have info from someone who deals with these things on a daily basis.

Just a quick question from me re full and finals. I'm into my final year now and paying about £1k per month with £13k outstanding. There is a good possibility that someone might be able to help me out with £6k or so. Is there any point in offering a full and final settlement with only 6-9 months to go to the end of my tenure?

doelani

james23_uk wrote: »

I'm into my final year now?

HI James

Cannot believe it has been that long :T

jsmith9156

James, I remember us both starting our IVA's together.. How time has flown!!

The other James

james32_uk

Hi guys!

I wouldnt exactly say that time has flown but it definitely feels good to reach that final year. It seemed to take an age to get from year 1 to 4 but now I can start planning for debt free things are looking much brighter.

How are you getting on with it all?

Charco_2

Hey James, firstly, thanks for your kind words .

Dealing with the question in hand, the only person who would benefit from you offering a F&F would be you. So while there is no harm in making this offer (you put the offer on the table and if your creditors accept then so well and so good - if they reject, you've still got your IVA and can see out the remaining months nothing lost!) it would be hard for your IP to "recommend" this offer to your creditors.

When you put the offer forward your IP will draft a new proposal stating what you intend to pay, your IP would probably have no problem with this as it would mean a small extra (variation) fee for him if it is accepted, HOWEVER, there is a section of the new draft where your IP has to put his recommendations...
- I think this is a good offer because...
- I think this is not a good offer because...

So you have to think about the pros and cons of the offer. The main con for your creditors is obviously that you want them to accept less money (£6k instead of £9,000 or £13,000).
How could this be a PRO for your creditors? How can you make it more appealing for them?

Well, IF for some reason you didn't think you would be able to pay in the full outstanding amount of your agreed monthly contributions.
- Wife is expecting, so with a child on the way you don't have as much surplus or disposable income to offer your IVA...
- Company you work for is looking to lay off staff so your job is not secure...
- You've had some recent emergencies like boiler needing fixed, car repairs or roof fell in in your house and you're struggling...

As I say, there's no harm in offering (worst can happen is they reject your new offer) but if you want it to be accepted then you'll have to give them a reason to think it is a good offer. Don't outright lie - but dont be shy to embellish the truth if you need to!

doelani

james23_uk wrote: »

Hi guys!


How are you getting on with it all?

hi James

started IVA May 2005 and done F&F May 2008 so over 2 years since finished. Hard to believe that if we had not done F&F we would have just finished ours , does seem like so long ago and like it never existed lol

Life does get back to " normal" afterwards guys believe me lol