fao melanie

[thanna]

I had posted before about the amount we would need for a f+f if this were to happen {still not sure yet}i know you have to put a good case forward as to why you should be able to end it early,my reasons are we have 5 children ,costs are goin up by the month and i worry if things keep going like this we may not be able to keep up with payments is this a good enough reason?IF we;re able to borrow enough money from family it will have to be paid back,and IF we get it ,its being given for the sole purpose of clearing our debt to make our lives a bit easier,Is this reason enough for them to consider a f+f?Theres no equity release as our home is co owned also would my family member be involved in the process?Sorry to go on but i dont really know a lot about it,it;s only from the forum i found out it was even possible many thanx Tracy xx[:)]

[MelanieGiles]

Hi Tracy

Those reasons seem good enough, and if the money is coming from a third party and you are going to be offering the dividend level you originally pledged to make I am sure that creditors will agree to accept your offer. Are you you property owners with an equity release clause at any time during the IVA?

[thanna]

It states in our paperwork that equity release would be very unlikely due to the co ownership.What about the involvement of the person lending us the money they are not aware of our iva just that we are in a certain amount of debt?Do they have to write a letter stating where the money is coming from?Thanx melanie

[MelanieGiles]

That will depend upon whether your IP says they need a letter or not. If you can get hold of the money and have it sitting in your own bank account by the time of the variation, that might be a better way forward.

[thanna]

Will they not ask how we got it?[:)]

[MelanieGiles]

Hopefully they will be as trusting as I am with my own clients and believe what you are telling them.