f&f help (is this a reasonable offer?)

[kitkat]

Hi all

Firsly I can't believe I will have been in my IVA 4 years in October, it really has flown. [:D]

My Mum has offered to help me and my partner out with a f&f offer [:D][:D] I'm just in the stages of getting relevant documents for IP. This includes getting a letter from Mum about the money, I've seen a few topics on here about this but I just wanted to get a definitive idea of what Mum needs to put, can someone help?

In terms of what she can do for us, she has £6,000 of savings and as at October (including Octobers payment) we'll have 11 payments left at £670 per month, so £7,370. Does £6,000 sound reasonable? I'm not sure if its worth anything but we've never missed a payment and I also hand over my bonus' which stands at around £1,600 so far.

I believe we keep paying until the offer is accepted (fingers crossed) so I assume that means they could actually end up with more incluing our monthly payments?...my partner is a bit paranoid our creditors would purposefully drag their feet to get more money [:0]

All i'm waiting for is a mortgage redemption figure and Mum's letter and we're good to go, I don't know if there's a 'standard-ish' time frame as to how long a variation meeting takes to set up?

Thanks [:I]
Kate x

[Tina Shortland]

Hi Kitkat - that sounds reasonable and if it isn't you will find out what is either fm your IP or the creditors!. A good IP will not let the creditors drag their feet for no reason so hopefully you shouldn't have any problems there.

Scary how quickly 4 years can fly by - hope you get the result you want.

Regards,

[kitkat]

Hi Tina, thanks for the quick reply...strangely enough you were one of the first people I spoke to about getting an IVA! time does indeed fly.

Thats good to hear, I assume that if the creditors would accept a slightly higher amount they'd say instead of just giving a straight no?

Kate

[Tina Shortland]

Yes, and a good IP will fight your corner and never just take No for an answer!

I had a bit of a shock when you said you were reaching 4 years - seems only a shart while ago!

How great you are so much nearer the end than the beginning

[kitkat]

We do have an amazing IP, Melanie has done such great things for us and has really helped us through what was initially a very worrying time.

Tell me about it, I really can't believe its been that long. We dreamed about getting to 4 years and here we almost are! I can't believe that hopefully in a matter of a few months it could all be over. My partner and I have been together 10 years and have only known debt in that time, life will be very strange!

[Tina Shortland]

Hopefully your post will be an inspiration to others who are just venturing out now!

Heres to your new way of life!

[Hippo]

HI
I read a few of these F + F but when I ask can I pay it early I get told no or forget it until the end ? Why cant I pay my iva early as in the last year I asked again and said can I cut it to 8 months still say no wait I asked again ok the last 6 months then still no wait until it finishes whats the situation about this coz it dont make sense I have just the basic IVA I would gt the money from family member and it would be the full 6 months of payments in the last year wassup

[kallis3]

If you are that close to the end there isn't much point - it takes a while to set up a meeting so you may well have finished or as good as, by the time it was approved.

If you let it run the full course you wouldn't have to pay back a family member either and would be truly debt free!

[ginger3232]

Also dont forget the cost to creditors and IVA company of settting a meeting up/reading F+F offer then voting.

[kitkat]

If you are that close to the end there isn't much point - it takes a while to set up a meeting so you may well have finished or as good as, by the time it was approved.

If you let it run the full course you wouldn't have to pay back a family member either and would be truly debt free!

Is this response to me or the person who hijacked my thread? [:p][:D]

Kate

[kitkat]

Also dont forget the cost to creditors and IVA company of settting a meeting up/reading F+F offer then voting.

Hi, can you elaborate on your point? i'm not sure what you're trying to say [8)]

Kate[:)]

[ginger3232]

Kitkat - yes it is in response to Hippo question - and yes it does cost money to set up/run a meeting to propose a F+F settlement - which the creditors pay in lower dividents

By all mean if you life events has changed - birth/death/marrage /redundancy - this will have an effect, and as said before, request a F+F settlement then.

But if you IVA has only 6 months to run and you want to borrow money from a family member to "pay it off" - by the time the meeting /proposal etc is set up - is there much point ?

[kitkat]

Kitkat - yes it is in response to Hippo question - and yes it does cost money to set up/run a meeting to propose a F+F settlement - which the creditors pay in lower dividents

By all mean if you life events has changed - birth/death/marrage /redundancy - this will have an effect, and as said before, request a F+F settlement then.

But if you IVA has only 6 months to run and you want to borrow money from a family member to "pay it off" - by the time the meeting /proposal etc is set up - is there much point ?

Thanks for clarification. I'm aware of the costs incurred for a variation meeting, I still have (as at the moment) 14 payments left.

Hippo, perhaps you could start your own thread as people seem to be answering you now instead of trying to help my original query? Thanks [:)]

Kate

[kitkat]

Hi all

Firsly I can't believe I will have been in my IVA 4 years in October, it really has flown. [:D]

My Mum has offered to help me and my partner out with a f&f offer [:D][:D] I'm just in the stages of getting relevant documents for IP. This includes getting a letter from Mum about the money, I've seen a few topics on here about this but I just wanted to get a definitive idea of what Mum needs to put, can someone help?

In terms of what she can do for us, she has £6,000 of savings and as at October (including Octobers payment) we'll have 11 payments left at £670 per month, so £7,370. Does £6,000 sound reasonable? I'm not sure if its worth anything but we've never missed a payment and I also hand over my bonus' which stands at around £1,600 so far.

I believe we keep paying until the offer is accepted (fingers crossed) so I assume that means they could actually end up with more incluing our monthly payments?...my partner is a bit paranoid our creditors would purposefully drag their feet to get more money [:0]

All i'm waiting for is a mortgage redemption figure and Mum's letter and we're good to go, I don't know if there's a 'standard-ish' time frame as to how long a variation meeting takes to set up?

Thanks [:I]
Kate x

I've changed the topic name of this thread as lots of people were viewing and none commenting so i'm wondering if all the other replies are clouding the view of my original questions....can anyone help?

[:)] Kate [:)]

[ginger3232]

Kate - seem to depend on which company you are with (some posters on here seem to have varying time frames) - but expect a few months start to finish.

I assume to have spoken to your IVA company and made the Offer? - hence awaiting a mortgage redemption quote

Remember to state that this offer is only avilaible for F+F settlement