Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By road2recovery
#124450 Just had the draft letters through from Payplan, and I am happy with the wording....

My creds if my IVA goes the full 5 years will receive 20p in the pound, after Payplan's fee's. I have offered £18.5k in F & F, which if accepted means I will be paying £1850 less to the creditors should the arrangement go the whole way.

In the draft letters, payplan have stated that if the F & F gets approved, the return to creditors will be 20p in the pound after fees. This I read as meaning that the creds will get the same in Jan if the F & F gets accepted as they would in Nov 2010 when the IVA finishes. Am I correct in thinking this and if so, how does that work out? Does it mean that Payplan are reducing their fee's?
By mellowman
#124452 Payplan are reducing their fees because the iva isnt going to last as long, it does sound like a good offer, your creditors can wait for 5 years, or they can get the same amount now, i can't see a reason why they wouldnt accept.

Goood luck :)
By road2recovery
#124458
mellowman wrote:Payplan are reducing their fees because the iva isnt going to last as long, it does sound like a good offer, your creditors can wait for 5 years, or they can get the same amount now, i can't see a reason why they wouldnt accept.

Goood luck :)


Thats kinda what I was thinking. I can't see why they would refuse it if they are getting the same amount now as in 4 years time.

I'm hoping so anyway, fingers crossed!!