Author Topic: Full & Final Help  (Read 10896 times)

moore76

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Full & Final Help
« on: Aug 28, 2009, 05:41:04 PM »
Hi there

I am new to this site and I just wanted to see if anybody can advise me on something.

I have been paying over £300 a month into an IVA with Blair Endersby for 12 months now but I just want out of it. I feel pressure having to keep declaring every extra bit of income and sending payslips etc.

My wife has just been forced to leave her previous employer who she was with for a considerable length of time for a job that is nearly 10k per year less, other monthly bills have gone up significantly (council tax, child care etc) and we are just finding it more and more difficult to meet the IVA payment each month.

Our parents have kindly offered to give us 10k to make a Full & Final offer which I have just done, I just wondered what the chances are of them accepting our offer?

Cheers
 

bankruptcy.co.uk

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Re: Full & Final Help
« Reply #1 on: Sep 02, 2009, 01:37:34 PM »
Visit [** sorry, no personal contact invitations allowed **] and read the frequently asked questions on [** sorry, no personal contact invitations allowed **].

My main question is simple. Do you have assets? If you dont, then there is a very easy exit to an IVA. Bankruptcy 1) rebuilds your credit rating quicker than an IVA, 2) If you have no assets involves a win win situation and 3) you could keep your car/house if your house is in negative equity and your car is worth less than £2000 and used for work purposes.......

DO NOT make a settlement until you fully research ALL your available options.....
Raphael Gilbert
Head of Insolvency Divison www.ban

Debtwitch

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Re: Full & Final Help
« Reply #2 on: Sep 03, 2009, 07:33:35 AM »
Hi there

If you are struggling with your payments, speak to your IP and mention the F&F.  They should hopefully be able to confirm any restriction offering F&F now and can discuss the implications of BR so that you can make an informed choice.

Regards,
Angela Rosler
Insolvency Manager  e: [email protected]

bankruptcy.co.uk

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Re: Full & Final Help
« Reply #3 on: Sep 03, 2009, 09:33:08 AM »
Before you speak to your IP... get some unbiased advice :)

Speak to the citizens advice bureau or do some research on google.

Most IVA companies only provide between 5 and 15p for every pound you spend to your creditors...  The rest is management fees.

Do you think the information you will be given has no bias?
Raphael Gilbert
Head of Insolvency Divison www.ban

Debtwitch

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Re: Full & Final Help
« Reply #4 on: Sep 03, 2009, 10:38:39 AM »
Good idea speaking to CAB or some other debt advice charity who can give you unbiased advice, but do make sure you discuss with your IP - it would be a shame for all the effort you've you've put in to 3 years of an IVA if a variation can resolve the matter.

Kind regards,
Angela Rosler
Insolvency Manager  e: [email protected]

bankruptcy.co.uk

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Re: Full & Final Help
« Reply #5 on: Sep 03, 2009, 10:42:40 AM »
It would indeed be a shame, however, If for £510 at the court you can erase all of your debts, lose nothing and begin the process of rebuilding your credit rating, I would suggest it could be a more viable option to write off your losses :)
Raphael Gilbert
Head of Insolvency Divison www.ban

bankruptcy.co.uk

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Re: Full & Final Help
« Reply #6 on: Sep 03, 2009, 10:45:31 AM »
You also stated that you had only been in the iva for 12 months!! not 3 years!!! :)
Raphael Gilbert
Head of Insolvency Divison www.ban

bankruptcy.co.uk

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Re: Full & Final Help
« Reply #7 on: Sep 03, 2009, 10:55:03 AM »
The mathematics is simple... Just been thinking about it.

£300 a month for 12 months is £3600 you have invested in this solution....

I propose that your correct option logically and mathematically is writing of £3600. Pay the court fees of £510 and write off all your debts. The costs of this process are therefore £4110.

Your proposal for making the IVA payment fast track is that you would in essence pay £10,000 on top of the £3600 you have already paid which would mean a final amount due of £13,000.

£13,000 - £4110 = £8890.

Even if you used a company to assist you with your bankruptcy you would save thousands of pounds of your parents hard earned money. 
Raphael Gilbert
Head of Insolvency Divison www.ban

moore76

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Re: Full & Final Help
« Reply #8 on: Sep 04, 2009, 06:47:47 PM »
I didn't go into the IVA completely blindly I did weigh up all the other options including Bankrupcy but decided to go for the IVA. I just didn't want to go through court and everybody finding out about my financial situation (including my employers).

Having read through my IVA T&C's today it shows that I will be paying well in excess of over 3k in fees to Blair by the time the IVA finishes which I think is a joke. I would rather accept our parents kind offer and just get out of the whole sorry situation I am in.

I called Blair today and was told that they had received my offer but it was going to take at least 2 weeks before they [** sorry, no personal contact invitations allowed **] with a decision. The total I am supposed to pay over the 60 months is just over 19k, what are the chances of them accepting the offer I have made??         


Debtwitch

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Re: Full & Final Help
« Reply #9 on: Sep 04, 2009, 09:10:46 PM »
You've probably researched the solutions and know that the IVA proposal is based on what you can afford to pay which in your IVA was £300pcm. 

You've said that your circumstances have now changed so without the offer from your parents, you would be looking to request a variation.  If your monthly surplus had been less than £200pcm, BE may not have been able to suggest propose and IVA and if you are now unable to meet monthly contributions, offering the £10k lump sum may seem a very attractive offer to creditors.

Regarding the BR situation, there have been changes which means that the OR is not required to advertise ALL bankruptcies, but use their discretion to advertise only those BRs that it is in the public interest to do so.  If you do decide that BR is for you, it's not necessarily the case that it will become public knowledge.

Keep chasing BE.  They can't make a decision, the creditors have to decide.  A variation proposal will need to be circulated for creditors to consider your F&F offer.  Check the proposal for BE's fees to help you propose a variation.

Kind regards,
Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #10 on: Sep 15, 2009, 10:31:23 AM »
I still haven't heard anything back form Blair and it's been approximately 3 weeks now. I have called them twice and have been met with two seperate people who were very unhelpful.

This month's installment is due at the end of September and I really want to know what the decision is before then so I can stop it going out. It's probably not advisable cancelling it until I get a decision I presume??

Debtwitch

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Re: Full & Final Help
« Reply #11 on: Sep 17, 2009, 04:03:03 AM »
I've been assisting someone with a variation proposal who's IVA is with an IP at BE since April and we are only just there - the outcome of the meeting has agreed the variation over a week ago but the client is still waiting to receive formal notification.

In their case, it was a F&F settlement as they had been made redundant and were offering a redundancy lump sum.  Based on their I&E, they could not afford the monthly contribution and I advised to stop payments - BE agreed this was appropriate action.

Contact BE again to confirm the change to your wife's employment means that you are unable to make your payment this month and cancel the SO/DD to them - if at all possible, keep it to one side so that you can pay it if you need to to avoid breach, but I expect that if your revised I&E demonstrates that your surplus income is insufficient to service the IVA and a lump can be offered as F&F, BE will confirm that the offer is worth putting before creditors and that creditors will support it.

When you do contact them next, ask them to send you formal details regarding their complaints procedure - your IP will want to avoid complaints being recorded on files when they are inspected, or having to deal with a file opened by the FSA Ombudsman or the Insolvency Practitioner Unit, so this method - in addition to ceasing your payments - may escalate your enquiry (he who shouts loudest ... ).

Hope BE deal with this for you soon.

Kind regards,
Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #12 on: Sep 17, 2009, 04:42:53 PM »
I just spoke to the person who is my IVA A/C manager at BE who tried to tell me that they only received my offer 3 days ago, I sent it on the 27th August!!

Each time I have called I have been assured by whoever answers that the letter had been received and it was being dealt with so somebody is lying?   

She told me that my offer of 10k is likely to be accepted but I need to now send them my Partner's p45 & 3 months worth of payslips to back up our claim that our circumstances have changed. I personally feel this is just a waste of time, they are mucking me about and I really feel like following the advice on here and cancelling this months payment.

**Update**

She just called me again whilst I was typing this to ask me to provide a letter from my in laws to say that they are going to be putting up the 10k. She STILL wants to see payslips & P45....

What shall I do???!!

Debtwitch

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Re: Full & Final Help
« Reply #13 on: Sep 17, 2009, 04:59:28 PM »
I would still suggest withholding this month's payment, and the months coming up, just keeping them to one side - did you suggest perhaps that you wouldn't be able to pay this month?

I can understand wanting to see a copy of the P45 and a letter from the in-laws - try to provide this asap to ensure you cannot be blamed for any delay; try to scan and email to speed up and track your correspondence.

Keep a record of your telephone calls and who you speak to.  Check out your IP's email address and ask them to confirm you have the correct address - that may persuade them to keep on top of it for you - plus send you details of their Service Level Agreement and complaints procedure.

I was disappointed when I read a copy of the variation proposal drafted for the individuals I assisted - I didn't feel it was worded in a particularly sympathetic manner, nor did it indicate that the delay had been due to their resource issues rather than the clients dealing as quickly as they could.  I'm unsure as to whether my revisions made it into the circulated proposal, but the required outcome was achieved. 

Keep posting to keep us up to speed - happy hunting!
Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #14 on: Sep 17, 2009, 11:28:00 PM »
Many thanks for you help and advice. I actually meant to say P60 not P45!

I am going to cancel my DD to B/E, I mentioned to the A/C Manager today that teh 10k was a take it or leave it offer and that I am considering Bankrupcy, hopefully that will speed them along somewhat?

I also found out how much money I actually owe today, was unsure of the total amount previously. I owed 19k and have paid £3960 over the last 12 months which leaves £15040. I have offered 10k as the Full & Final which is £5040 short of what I actually owe.

If they dont accept then I will definitely be looking at alternatives, I am not sticking with the IVA.