Author Topic: Full & Final Help  (Read 10955 times)

Debtwitch

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Re: Full & Final Help
« Reply #15 on: Sep 18, 2009, 04:59:42 AM »
No problem - happy to help.

P60 of course and wage slips would be advisable - sorry, got mixed up with another thread and thought your wife had been made redundant.

Not wanting to confuse the issue, but just regarding the calculation, £19k is likely to be what creditors accepted to be paid into the IVA over 5 years (£300*60=£18000, plus another £1k from somewhere), not necessarily what you owe.  Say, for example, you had come into an inheritance of £100k; this would be captured by the IVA under the windfall provision and your IP would be calculating a 'settlement figure' based on total agreed claims of the creditors plus statutory interest, costs of the IVA to date and to conclusion, less sums paid to date; the resulting balance would be requested from your £100k and I expect would be more than the £19k agreed to be repaid over the 5 year term.

Anyhow, this isn't the case here and what your hoping to do is offer a further compromise of the proposal accepted by creditors in the form of a lump sum, commonly known as a 'Full & Final Settlement' and as you say, the total sums to be repaid would be £5040 shy of what agreed and when you consider this would be nearly 4 years earlier than anticipated - with a saving of SVR fees from the remaining term - dividend to creditors is likely only to reduce to creditors slightly and I would expect that they would be very willing to accept your offer.

Just keep on top of BE as part of the attraction to the creditors of the F&F is the earlier nature of the payment.

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

moore76

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Re: Full & Final Help
« Reply #16 on: Sep 18, 2009, 07:44:55 PM »
Thanks once again, may I ask you what the SVR Fees are that you mention in your last message?

My father in law has drafted the letter they have asked for and will get it posted off on Monday, we were unsure what he should say in the letter??

Debtwitch

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Re: Full & Final Help
« Reply #17 on: Sep 19, 2009, 05:00:05 AM »
SVR is Supervisor.  The Insolvency Practitioner is paid out of the fund created to monitor the Arrangement over the term.

As regards the letter, you could go into detail but I would keep it simple - something along the lines of

Dear [IP name]

[your name] - In Voluntary Arrangement
[Name of Court] County Court IVA ref [number] of [year]


Further to the above and in order to help [your name], my son in law, my wife and I are looking to offer a lump sum of £[X] to the Arrangement as full and final settlement of the Arrangement's debts and costs.  Monies would be made available within 1 week of receiving formal confirmation from yourselves of creditors' acceptance of the offer.

Should you require any further confirmation, please do not hesitate to [** sorry, no personal contact invitations allowed **].

Yours sincerely


Hope this helps.

Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #18 on: Sep 23, 2009, 08:27:24 PM »
I just spoke to the IVA A/C Manager. They have received the payslips as requested, I sent them by email.  We had misplaced the P60 but I am just in the process of sending off a copy now.

I have also sent the letter off from my in law giving confirmation of the Full & Final offer but they are still insisting that they want me to complete a new expenditure review. I have cancelled the DD as previously advised, what shall I do next??

I dont want to keep mucking about with this, I feel we have made a very reasonable offer considering our change of circumstances.

I was going to type out an Expenditure Review and attach it with the P60 rather than spending an hour on the phone, is that acceptable?     

moore76

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Re: Full & Final Help
« Reply #19 on: Sep 23, 2009, 09:01:57 PM »
.....One other thing, seeing as they are being so picky. Can they ask to see copies of Bank Statements??

Normally It's just wage slips & P60's but I wondered if I would have to show the Statements to prove the change in circumstances?

Thanks once again for your advice!

Debtwitch

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Re: Full & Final Help
« Reply #20 on: Sep 24, 2009, 05:38:39 AM »
Asking you for evidence of your expenditure is completely normal.  You've stated that you're wanting to propose variation with F&F settlement because household income has reduced since your wife had to change jobs and expenditure has increased so your bank statements should be evidence to this; your IP has to demonstrate to creditors that they have considered your offer.

I think that typing out your I&E and sending it in should be perfectly acceptable.

I would notify them at the same time that you have cancelled your DD as you are unable to afford it - seems silly to leave the SO/DD in place if the end result is you incurring charges and interest when having insufficient funds.  If your calculations demonstrate that you would have enough for a part payment rather than the £300, keep that to one side until this matter is resolved.

When you email the above information and anything else your sending, ask them to email back to confirm receipt plus details of what you can expect to happen next and when so that you can keep on top of them.  If anything in their response causes you concern, you will then be able to deal with them sooner rather than later.
Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #21 on: Oct 06, 2009, 08:23:33 PM »
**UPDATE**

I have complied with everything they want, have sent P60's and wage slips for me & my partner as well as completing an expenditure. I have sent copies of utility bills, copies of my council tax, family allowance & tax credits.

She is still asking for more information and today has asked me for this months payment as I cancelled the Direct Debit. I dont want to and can't make this payment, what shall I do now??

I just want them to accept what is in my opinion a very good full & final offer.

Any further advice would be greatly appreciated.

Thanks   

Debtwitch

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Re: Full & Final Help
« Reply #22 on: Oct 08, 2009, 05:10:26 AM »
The request for this month's payment is likely to be general admin and in line with your agreement; they would be criticized for not making the request.

You have already said in your posts here that you would be struggling to meet your payments and this has become the case and I would remind the IP that you have already explained to them you would struggle to meet this month's payment - the revised I&E you've sent should confirm this.

I would contact them again to check on the progress of your request in order that they deal with making a variation proposal on your behalf and ask them that in the meantime they consider allowing a payment break of upto 6 months whilst they are dealing with the situation (this would mean that any missed payments would then be added on at the end and extending the arrangement if it continued on it's original agreed terms to conclusion).  This would then give you time to consider what you need to do if a variation is rejected and you continue to be unable to make the payments. 

Try to keep the progress documented - send email requests and also detail and email any telephone conversations you have to the caller so that if you need to make a complaint to the IP, their licensing body or the Governments complaints' department, you have information to back it up.

Just to update you, the gentleman on who's behalf I have been dealing and corresponding with BE with has had his variation accepted, so his obligations are concluded and he is now waiting for the administration to be settled and his Certificate of Due Completion to be circulated. 

Very best of luck Moore76
Angela Rosler
Insolvency Manager  e: [email protected]

moore76

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Re: Full & Final Help
« Reply #23 on: Nov 03, 2009, 10:04:21 PM »
I took a call from somebody at B&E today, it has taken them ages to get their act together on this. They said that they wont be able to put my Full & Final offer forward to the creditors because they dont feel they will accept it. I said to the guy that it is more likely that THEY want me to stick with the IVA as it means more fees for them!

I owed 19k thru the IVA over the 5 yrs, I have paid 12 x £330 and have offered 10k as a Full & Final Settlement. The guy I spoke to today said I would need to come up with about 16k for them to accept which I just cant get.   

He said he is going to go away and do some more calulations and will get back to me tomorrow. Unsure what I can do now, I have not paid anything into the IVA for the last 2 months whilst all this has been going on.

He said that the creditors were likely to want to chance their arm with me continuing with the IVA as they would be in line to potentially collect equity from my home in year 4 (there is no equity!)

Help, I really am stuck now!