Help getting a meeting today at 3 about F&F

mia1830

Hi all,

I am hoping someone can give me some advice. I am waiting on a phone call today to offer a payment for a full and final. My husband was made redundant in may and has found it hard to secure permanent work, hes had a few temporary jobs but nothing permanent and its killing him and us a s we're worried where our IVA will end up! So my dad has very kindly offered us money to offer a full and final to cut down the stress a bit.

Our total IVA proposal value is £18,585 (includes fees of £7,208)
Already paid £2,880
Taking the fees off and amount paid in this leaves a balance of £8,497


My dads offering us £6,000 for a full and final, could someone advise if they think this is too high or too low.

Any advice much appreciated

Anondebtadvisor

If your circumstances have changed and you can no longer continue to make payments into the IVA at the arranaged amount it is in everyones interest to consider your offer.

Have a chat to your IVA company and see what they say but make it clear that your circumstances have changed

mia1830

Hi,

Thank you for your reply. We are on a payment break since July as to the redundancy so they know about it. Just keeping fingers crossed its a reasonable offer and they accept it. Thanks again ;o)

Anondebtadvisor

I think it would be in everyones interest to call a variation meeting in these circumstances - who is your IVA company?

mia1830

We're with Grant Thornton if they don't accept bankrupty might be the only option. We've no equity so would we get to keep our home? What about the money already in iva would it be taken into consideration? Thanks

Anondebtadvisor

If they dont agree to call a variation meeting for F&F settlement, bankruptcy may be an option for you explore further. Any money paid into the IVA to date is likely to go in IP fees!

If your home has no equity it will be revalued in 2yrs and 3months after the bankruptcy order to see if there is any equity at that time.

mia1830

they didn't phone. Will call them on Monday. Anybody else been through the process snd get a low offer accepted??

UpToMyNeckInIt

mia1830 wrote: »

they didn't phone. Will call them on Monday. Anybody else been through the process snd get a low offer accepted??

Very sorry to hear of your circumstances.

I have heard of other such offers being accepted - particularly given a significant drop in income. But of course, everyone's circumstances are different. Also, I guess a lot depends on how good your GT case handler is, and how willing your IP to fight your corner.

All the best, and let us know how you get on.