Another question!! When you offer a full and final settlement does it need to be more or the same as the orginal IVA was going to pay back? To put this into context, my IVA set up to repay 49% of the total debt. I think I may be able to raise some funds which would repay this 49% in full. Does this sound fair or would I be better staying in the 'programe'?!?
I think that as long as you can offer more or less the same dividend as you are for your normal IVA that it would probably be accepted. How would you be funding your F&F offer?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My personal view is that you ought to be encouraged to repay the amount of the original offer - other IPs will encourage you to offer less. It is a matter of personal choice, affordability and accessability to funding, and perhaps the views of your own IP as well - although the offer is yours to make and your IP is duty bound to put it forward on your behalf.
Melanie is right, although sometimes if you offer up to 15% less creditors might go for it to receive payment now rather than over the term of the arrangement. It depends how and where the full and final settlement monies are coming from as to whether you go for the full amount or a discount to your original offer. Also your Supervisor should discount his/her future fees which would enhance the final offer as well. Good luck.
Last edited by David Mond on Tue Jan 06, 2009 5:33 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
thanks for your replies - i am looking to fund it with a remortgage. They originally asked me to try to 10k in year 4, however at this stage I owe 16k so thinking of trying to remortgage the whole amount to end it sooner. Looking at the figures that would take me to a 85% mortgage which I am not sure I would get anyway - but thinking things through now.
You can always try. Welshboy who posts on here does mortgages, you could always contact him for advice. His details will be under the experts link on the lefthand side of the page.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Or ask your existing lender to increase the mortgage - see what they say
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
85% loan to value mortgages are fairly difficult to come by at the moment, but Tony Parsons (Welshboy) is much better placed - and qualified - to provide mortgage and investment advice. It won't cost you anything to give him a call and enquire.
I agree - see what he says, especially if your current lender cannot help.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
