F&F meeting pending

[beckym]

We have our meeting due on October 5th to decide whether we can sell up completely and offer a F&F figure to be debt free and move into rented.
Have (under IP advise) put house on the market today, am now feeling the weight slightly shifting so fingers crossed for a positive outcome.
The IP is going for a F&F amount of £24k.
Our total debt is aprox £60k
This figure is based on us selling for aprox £160k, paying off secured loan of £35k, mtg of £90k and our removal costs.

Does the F&F figure sound reasonable and if this is decided can it change or will it stay the same regardless of what we get for our property??

Thanks[:o)]

[Adam Davies]

Hi
If the variation meeting states 24k then it will stay at that figure.If it states "net" proceeds of a minimum of 24k then it may change.
Good luck,I,m sure that you will be successful

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jpj]

Out of interest Andy, does the variation meeting figure only last for a certain length of time? Surely if it took 6 months for Beckym,s house to sell and she paid 6 months more monthly IVA payments it would be in her best interests to get the figure reviewed again when the house did sell ?

[Adam Davies]

Hi
Once your F+F is agreed you stop paying your monthly payment.I think that you have twelve months to produce the cash but may be corrected on that point.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jpj]

Oh I see, well thats worth knowing! so basically it is in your own interest to get the F+F settlement finalised ASAP once a figure is agreed as you carry on paying monthly till its formally settled.

[jpj]

sorry,got a bit muddled there! my Ip has said my F=F figure includes 3 more monthly payments,does that mean she presumes it will take 3 months to get the F+F figure agreed at a meeting?

[beckym]

If it does state 'net' min £24k, would it be a percentage...amount in the pound or would a max amount be placed

[Adam Davies]

Hi Becky
There will either be a set figure of 24k or a minimum figure of 24k depending on the proceeds from your house sale,once your allowances and costs have been taken out.
jpj
Your IP has stated that you must continue to make your monthly payments up until the IVA is concluded and yes they anticipate that it will take three months
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

Becky

Just looking at this and was ina similar situation about 11 months ago!

Have you sorted out where you are moving to and have you allowed for the deposit to where you are going to. ie 6 months or a guarantor might be required if moving into the rental property market?

[beckym]

have managed to find a property and have been totally up front about my situation to the estate agent.

thankfully our prospective landlords are involved in the financial sector and have a clear understanding of what an iva is and how a F+F settlement would mean we would be credible tenants.

We have put down a holding deposit on the property we like and are now just waiting for our house to sell.

let's hope the creditors meeting goes our way on Oct 5TH!!!