full and final offer

alice43

Our full and final offer was rejected today what happens now???

My husband received £18,000 in redundancy and we offered £12,500 but Paragon rejected it , all other creditors accepted but Paragon are the biggest % so it didnt go through.

judojub

alice43 wrote: »

Our full and final offer was rejected today what happens now???

My husband received £18,000 in redundancy and we offered £12,500 but Paragon rejected it , all other creditors accepted but Paragon are the biggest % so it didnt go through.

Hi alice.
I am afraid I am not sure on this one and hope that somebody will come along to help you out soon.

I am sorry that your F&F was rejected. I think that your IVA would just continue as normal.
I believe(and I hope somebody will correct me if I am wrong) that your husband would be allowed to keep up to 6mths worth of salary from that redundancy in order to keep things running and hopefully he will find another job. (is it an interlocking IVA?) I think though that your IP will want the rest of it.
Have you spoken to your IP about what happens now? If not then it is definitely worth speaking to them to find out what happens with the redundancy pay.
How far into your IVA are you?

alice43

We are only six months into IVA, all a bit of a mess!!

judojub

There are a lot of factors as to whether a F&F would be accepted or not. The fact it has only been six months might have played a big part.
Because it is so early in your IVA, Paragon might well be thinking they will get a much better return than what you offered. What was your original dividend?
If you have equity in your home then that might mean an extension of 12mths onto your IVA which would mean even more money for them.
I am sorry it hasn't worked out. As I said though, your IVA should just continue as normal but you will need to find out where you stand with regards to your husbands redundancy pay.
Sorry I can't really give you anything positive to go on, but I think speaking to your IP is the way forward!
Why is it a bit of a mess? Are you struggling?

alice43

no all ok at the minute its just what the future holds is the messy and scary bit! we handed keys back to our mortgage company a year ago, house just recently sold so the shortfall has now been added into IVA as well!

judojub

Oh, Ok.
I understand where your coming from. I am very new to my IVA too! None of us has a crystal ball (unfortunately). I can only suggest that anything that bothers or concerns you please keep posting for help and advice and even reassurance when it's needed. You might want to take a look at https://www.iva.co.uk as well. All people in our situation on there along with a few IPs as well. If you are concerned, post on there, you will get some great advice.
Sorry I couldn't have been more help!

alice43

Thanks for yours posts i will have a look on that site as well.

alice43

Just a quick update we increased our offer to £14,000 and its been accepted!!!:j

judojub

I know!! Well done alice. Glad it went ok in the end x

FavDaughter1

that's wonderful news! what a weight off you :j x

debtfree2016

Fantastic Alice