f+f Andy advice please

[thanna]

We are coming up to our second yearly review in July ,we started our iva in June 06 we pay £387per month {though im hoping for a small reduction at review}and we have 2 months exra to pay at the end due to a payment break.If we were with families help able to offer a full and final what amount would be realistic,we;ve five children so if we could pay it of early as prices for everthing are going through the roof.We could then repay family over a longer period???Thanx Tracy[:)]

[indebtforever]

have you an equity release in the 4th year?

[thanna]

it states in our iva this would be highly unlikely as our home is co owned.Tracy

[indebtforever]

39 x £387 = £15,093 (minus approx £3500 fees)but there will be a variation or completion fee to add[:(]in my humble non proffesional opinion[:I]10k but andy will be here soon

[thanna]

This is going to sound stupid but is that 10k total or would there be fees on top of that?[:I]

[thanna]

Would you then be free so to speak,i know your credits wrecked until the 6 year mark,but other than paying the family back would that be it?

[thanna]

p.s thanx for your replies,it may come to nothing but its good to know a figure Tracy

[indebtforever]

10k if accepted there would be no fees to pay and you would get a completion certificate and you are free like a dove in the sky from the start of the iva yes its on record for 6 years but that would be it final debt free gl i hope it works out for you but get more opinions on the figure the proffesionals will be here soon[:D]

[thanna]

thanx[:D]

[PoorbutHappy]

Consensus in the past seems to be if you aim to meet the orgininal dividend then your IP is in a strong position to sell the idea to your creditors.

I'd ask your IP to get on board and get them to give an idea asap. A lot will depend on how they charge their fees.

If the £15K figure is correct, then based on yearly fees of £1000 +VAT (and the same for a variation meeting) then you'd probably save 3 lots (years 3,4,5), but spend 1 lot on variation. So roughly that would need £12,500 to settle it all.

With credit crunch and all that, they may feel they can get away with a bit less, who knows.

Your IP has to sell the deal, so see what they can come up with.

Best of Luck

PBH

[Adam Davies]

Hi Thana
Sorry for late reply,just back from work
I would offer 10k on the understanding that the loan from family will only be made if it is used to complete your IVA.Also state that you will use any disposible income to repay your family each month.
It will be good if you can get your IP on board and agree that it is a good offer
Let us know how you get on
Regards

[MelanieGiles]

I would err at nearer £12k to ensure success, but please try to get a settlement figure from your own IP based upon achieving the original dividend pledged.