Advice on an F&F offer please?

[Lisa Thomas]

No-one can tell you if your offer would be accepted - it is up to the creditors to vote on whether or not they want to accept it.

The more attractive the offer, the more likely they are to accept.

[Hampshire16]

Hi

The 115 was just on the estimated value in the IVA documents. The 22k was from my latest mortgage statement of how much I have left to pay.

[Lisa Thomas]

The original IVA proposals were an estimate only.

You now need to get a current valuation to see whether this clause applies.

If you can show that you have less than the £5k minimum equitable interest then it won't apply to you.

I suggest you therefore get a valuation asap.

[Hampshire16]

Ok I will get one organised asap.

[Lisa Thomas]

Also ask your mortgage provider to send you a 'redemption' statement.

[Hampshire16]

Hi

I had an estate agents valuation manager out today who valued it at 125k-130k which means it's gone up loads since I purchased it and the equity is definitely now over the 5k mark?!

My mortgage statement shows I have £22,081 remaining. An exit fee of 199 bringing the total to redeem the mortgage at £22,280.

My IVA has 1 payment of 215 left then 50 payments of 150.. plus the equity clause? So 62 payments of 150. The dividend was 26p/ £.

What sort of an offer would you recommend in this instance?

[Foggy]

I stick to the previous two estimates I have given and suggest £8,000 to £8,500

[Hampshire16]

Hi Foggy

Thanks. I will try £8,000. Is there anything in particular I should include in my letter to speed the process up? Could I say something along the lines of until the offer is accepted and payment is made the ongoing payments they receive will be deducted from the offer amount ?

[Foggy]

Hi Foggy

Thanks. I will try £8,000. Is there anything in particular I should include in my letter to speed the process up? Could I say something along the lines of until the offer is accepted and payment is made the ongoing payments they receive will be deducted from the offer amount ?

That is a condition many have used --- as some IP's are taking the mickey with delays !

[Hampshire16]

Hi

Just an update, I've gathered all the required info and sent an offer of 8,500. I'll keep you updated!

[Foggy]

Good luck.

[Hampshire16]

Just thought , did I need to put a reason as to why I'm offering an F&F?

[Foggy]

It helps if there are compelling reasons -- but, more often than not, the wish to get on with your life with the troubles behind you will suffice. Your IP will ask if they want an explanation.

[Hampshire16]

Hi

Just a quick update..

I've received the variation proposal in the post today. Original iva was for 26p in the pound, this offer works out at 30.54p in the pound. So a much better offer for the creditors, surely would be accepted?!

Just a quick question, it says (subject to any financial irregularity claim which will be captured by the arrangement and distributed to creditors). Is this anything to worry about?

Thanks

[Foggy]

Hi

Just a quick update..

I've received the variation proposal in the post today. Original iva was for 26p in the pound, this offer works out at 30.54p in the pound. So a much better offer for the creditors, surely would be accepted?!

Just a quick question, it says (subject to any financial irregularity claim which will be captured by the arrangement and distributed to creditors). Is this anything to worry about?

Thanks

That is referring to refunds of PPI, bank charges and anything like that which comes out of the woodwork.