IVA Full and Final Proposal

blackczerny

Hi All,

It's my first post here so please be gentle with me!

I'm in an IVA with W3 and am paying back £200 pcm over 5 years, bringing the total to £12,000.

I recently applied for a job in the public sector and passed everything, from application form to interview, with the exception of the IVA. So they've had to withdraw the offer. But, from talking to them today, if I can get a certificate of satisfaction to them, they'd be happy to re-offer me the job.

I've already been in my IVA for 13 months and have thus paid £2600. Today, a friend has stumped up £10,000 which would bring the F+F proposal to £12,600, which would give an overpayment of £600, in fact, to my creditors.

Does anyone have any experience of these or ideas about my chances of success?

Many thanks

BC

averageguy11

Cant help..but wish i had yur friend

Hope everything sorts itself out for u soon

GeorgeUK

If you can pay the full amount owed, then i see no reason an early completion would not be accepted - was this £12,000 the agreed amount of the IVA?

Your IP will probably need to arrange a meeting with the creditors to agree this, but as they are getting their money quicker, most would agree.

Rabiddog_2

NO I would offer them less than 12000 .. they will probably bite your hand off for £8-9000 NOW in cash. No point in paying more than you have to, I'm sure Mr Abramovich will want his money paid back!

pinkrach001

hell yeah - i agree with rabiddog! although i would make sure you wouldnt have to pay anymore to your IP???
my ex hubby took out an IVA not long before we split, so my knowledge of IVA is limited, but a little is better than none!
I would deff make sure you wont have to pay a penalty or something first and I would absolutely take your fab friend out for dinner as a thankyou - 2 for 1 obviously hehe
good luck
x

blackczerny

GeorgeUK wrote: »

If you can pay the full amount owed, then i see no reason an early completion would not be accepted - was this £12,000 the agreed amount of the IVA?

Yep, it was. I've been advised that I could probably offer lower but I don't want to risk it being rejected and then going through it again, taking more time up, as crazy as it might sound!

BC

blackczerny

Rabiddog wrote: »

NO I would offer them less than 12000 .. they will probably bite your hand off for £8-9000 NOW in cash.

I take your point and have considered it but I don't want to put in an offer, get it rejected, etc.....whilst the money's on the table and time IS imperative with this one, I just want to get it out of the way!

BC

blackczerny

pinkrach001 wrote: »

I would absolutely take your fab friend out for dinner as a thankyou - 2 for 1 obviously hehe
good luck
x

Oh yes, I will! It floored me, to be honest, when he suggested it, but we've talked about it more and he's happy with his offer; it wasn't a spontaneous thing, not at all....

BC

Deep_In_Debt

Can you find out how much your creditors would accept as f&f settlements and then perhaps negotiate from there but don't tell them how much your friend has offered? I'm not up on IVA's but I always think if you don't ask you don't get. Perhaps worth a try?

cassy

just another point, OP states pays 200pm that would be 12600 over 5 yrs, OP dosnt state that this is the amount owed,

lets say the debt owed is 30,000 and 12000 is all that will be paid over 5 yrs, that means big loss for creditors, if you offer them lump sum now, can they just claim more back from you once you have paid this just as if property owner they can make you release equity.... im not trying to spoil it just a thought from the other side of the scale

its better to know all sides then make an informed choice

GeorgeUK

Looks like post 6 covers that (at least i think it does).

Definately a question that should always be asked though.