F& F Settlement without using my equity release

[sasrob]

Hi all,

Tricky but like a bit of advice on settling my iva early...bit of background..

3years into my 5 year iva..pay £250 a month with an equity release of £33000 in the final year...
I have not lived in the property that has my equity for 7 years so had to get a signed aggreement from my ex that she would consider releasing my equity by remortgaging, paying me off or selling the property...
She has now said that none of the above is possible but thats a separate story i suppose..

Right... a friend of mine has seen the pressure that i have been under and offered to help...so what should i do and how much should I offer...he says why not offer a lower price and see what happen?

before i went into the iva i had 2 options as did my creditors to consider.....bankruptcy where my creditors would get approx £22000 after court costs and selling the property etc...or the £33k and £250 pm an iva offered....

to be honest in the current climate i dont think i will have a job in 6 months (and my employer has intimated ths) so with all this going my friend is a god send..plus i could tidy my affairs up and move australia to hopefully start a new life with my girlfriend.... I could go but i think that is enough to start..any help is truly appreciated...

thanks

rob

[Shining]

Hi Rob and welcome to the forum.

I've not much experience of F&F offers, maybe your IP would give you some case specific advice on this, it's always best to offer as near to the original dividend as possible. They would want to know where the funds are coming from i.e 3rd party and if you are about to be made redundant would you be getting any redundancy pay?

One of our more experienced posters or professionals will be along soon to advise more fully x

[sasrob]

thanks lesley...

i have meeting with my ip next monday.. but i just need feedback with someone that is on my side etc..my ip, although very good, tend to be by the book..
i dont think the redundancy is an issue right now although my contract states the national minimum so that is likely to mean peanuts...

thanks again..

rob

[Shining]

I'll keep it bumped up Rob so do keep looking back now and then as I'm sure someone will reply x

[sasrob]

thanks lesley..any help appreciated...

rob

[Shining]

I'll bump this up again as hopefully a professional or a knjowledgeable poster will be along soon. x

[plasticdaft]

I think given that its your share of equity tied up in the house creditors would expect to get at it. If you could offer an amount close to the original expected return(including the equity),then you may be able to conclude early.

Is the equity figure still an accurate one?

Paul

[sasrob]

Hi Paul..

The house was priced at the top of the market in 2008..since then i believe it has gone down slightly but im sure the valuation is not higher than originally qouted.. some houses on the street have sold recently at £20k lower...
all i want is to finish this and get back to somesort of normality..