F & F Calculation

[rainbow210801]

Hi

In October we will have completed 3 yrs of our joint IVA agreement. I am facing redundancy and this will definately happen before the end of this year, I am struggling to get another role that will allow us to continue with our agreement. My father has offered to help but we have no idea how to calculate a f & f offer, we have an equity release clause at yr 4 but this will not materialise as we will not be able to get an increased mortgage. Do we work out the total of 2yrs or 3yrs of payments as a proposal and how much should we reduce for fees if this is accepted early?

[plasticdaft]

Talk to your Ip over what creditors would realistically expect. If a redundancy is looming then creditors may well accept less than is owed just to wrap the whole thing up.

Paul

[MelanieGiles]

A good basis would be to value the current equity in your property, and equate this to what you would be required to pay under the terms of the IVA - together with a sum equivalent to the remaining IVA contributions.

Lower offers can also be considered, but I woudl advise you to make the best offer possible to ensure success.

Sorry to hear about your job - and I hope that if redundancy does ensue that it won't be too long before you get back into work again. Best of luck with it all.

[rainbow210801]

thanks both, i'll do the sums and try and work it out and then see what the max is that my dad would give to us, having got so far i don't want this to fail now.