full and final

lucieloo

Hi all was needing some advice please. A fter speaking to a good friend today about my iva she has offered to give me 5k for me to complete my iva. My question is i have 22 payments left of £370 pound and my job is at risk at the minute and i feel i wont be long there now as i feel it will more than likely close. My boss last month said he may not have been able to pay me in full. i have paid 4 years of £370 and i was wondering if you thought this sounded like a reasonable offer. any help is greatly appreciated.

Anondebtadvisor

Yes it sounds like a good offer after discounting 2years supervisor fees.

Have a chat to your IVA company to see if they will look at it

harveybobbles

Did you have PPi on the IVA? As they will probably payout for 6 months following redundancy.

Then they reasess the situation.

You could phone them up and ask them for a settlement or say you are in a position to pay them £2500 as a one off F&F payment as your job is now at risk.

That way your friend doesnt have to fork out as much.

PS £370 a month over 6 years?! Eek! Was bankrupcy not feasable?

lucieloo

harveybobbles wrote: »

Did you have PPi on the IVA? As they will probably payout for 6 months following redundancy.

Then they reasess the situation.

You could phone them up and ask them for a settlement or say you are in a position to pay them £2500 as a one off F&F payment as your job is now at risk.

That way your friend doesnt have to fork out as much.

PS £370 a month over 6 years?! Eek! Was bankrupcy not feasable?

#
Hi many thanks for your advice. No i dont have ppi on the iva. Do u think they may except 3k? really?? No bankrupcy wasnt allowed as i have a house but no equity??

milliemonster

personally I think that's a very low offer, the remainder of your payments comes to just over £8k so your offer of £3k is less than half that, you won't necessarily save on 2 years of supervisor fees as most IVA's now are written in a way that the supervisor fees are made on a percentage of actual realisations rather than a year by year basis.

I think at the moment, unless you have confirmed news that you are being made redundant then your IP, although obliged to put your offer forward if you insist, may advise you to carry on making payments for the time being and re look at it in a year or so's time, unless you face redundancy before then

lucieloo

hi all thanks for advice. i phoned iza company and i was told to call back when id lost my job and they reassess the situation lol so much for me being organised ? A ny way my question is an earlier post to this thread asked me why i didnt go bankrupt ? so would i have been better going bankrupt? i do have a home but no equity at all and i am confused as to what would have been the best option for me?

lucieloo

Hi craig thanks for your help, the man said as soon as i have lost my job give them a call but they wouldnt put my offer forward. I thought it was their de scion not mine? I have to be honest i know its my debt and i deserve everything i get and i have to pay it back but the stress it causes me is horrific. I worry all the time that someone is going to take my home. I did say to the man how i felt and he said dont worry if you looose your job we can help, i said how he said we can apply for a six month payment break why u look for work. If im honest i think i would go insane with any more worry.

harveybobbles

Also with some IVA's they can make you sell your home on the final year of the IVA.

harveybobbles

Thasts what I meant lol.