F&F advice

[xdaisyx]

I currently have an IVA, It was for 60months x £100, with an option to extend for a further 12 month if i fail to re-mortgage.

My original debt was £22,705, over the length of the IVA they should get back £6,000 in payments, or £7,200 if i cant re-mortgage and they estimate £13,070 if i can re-mortgage.

I am on month 31 and have made payments of £3,232.40.

My parents have offered to attempt to make a f&f on my behalf and we were thinking of a final payment of round £6,500 to take the amount repaid up to £10,000

any thoughts or experiences that anyone has before i approach payplan would be greatly appreciated.

[MelanieGiles]

Hi xdaisyx and welcome to the forum

That would seem a good offer to me - but why not try a lower sum of say £4,000 which equates to the remaining payments plus a final year to take account of the equity. I am sure that your parents will want to have their debt eventually repaid, and those payments do need to be affordable moving forward.

[xdaisyx]

Hi Melanie,
Thanks for that, obviously i want to make them a reasonable offer so its accepted but the lower the better!
Your logic sounds good and if i add to that, that my contract at work ends in April so i could well be unemployed in 6 months, i think i may have a good chance.

[MelanieGiles]

Good luck to you and make sure you let us know how you get on.

[kazzafunk]

I would offer the sum Mel has requested, making sure your IP knows about your job uncertainty. Your creditors will be getting their money back earlier than anticipated so may go for it.

Good luck.

[Shining]

Good luck with your F&F offer x