Full and final

[jpj]

Question for the experts....(a long one!)
My original IVA was for 127K but at my first review actual creditors were only 111k (all had submitted claims) Im just claiming my bank charges back (hopefully) that could further reduce my IVA total to under 100K.
My IVA promised to return 18p/£
I am 15 months into my IVA (no probs so far) and have 55k equity in my home.(up from 22k at start)
I have 2 businesses,one as a sole trader that brings in half my wages,another is a partnership that brings in my other half.
Unfortunately my business partner has found my IVA restrictions increasingly difficult on HIS joint business. (he funds the business and I do the work) I have had to cut up the company business card,we can now have no overdraft facility,and no borrowing.(which on the whole we didnt anyway,but there was the odd time here and there in the past that we did)
My business partner has started muttering about giving up the business because he is sick of the restrictions that my IVA is having on him (hes quite a proud man) If he does give it up I loose half my income and my IVA will most certainly fail, leading to bankruptcy!
I have written to my IP explaining my position and asking if I could raise £35k from the remortgage and money from family wether creditors would look at ending my IVA early?
Do the experts feel my reason for wanting to offer full and final was a reasonable one,and would the figure I proposed be a sensible one ? (if they wait for year 4 equity release there is the possibility the house might have been reposessed by then if I loose half my income)
Thanks
JPJ

[MelanieGiles]

Yes - there is a problem outside of your control which may affect your ability to ocntinue with the IVA. So long as this is carefully explained to creditors, and they are going to get a much higher dividend than they were originally anticipating, this has every chance of success at a variation meeting.

Good Luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jpj]

Thanks Melanie,I hope my IP views it in the same manner. Well I will wait for the response from my IP and then post again! fingers crossed![8)]

[iva_squirrel]

Good morning jpj,

I agree with Melanie.

Good luck and keep us posted.

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[mikebdomain]

Sounds like a viable plan to me, based on experience of previous similar cases.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

[kpw]

for reassuance. Had debts of 150k paying 830 for 2 years followed by 1100 for final 3 years. div 28p.after 2 years and change of circumstances which would have risked iva payments. managed to raise 35k as a full and final settlement offer giving creditors original 28p. Accepted at creditors meeting and final divs have been dispersed to creditors. waiting for final completion. Hope this helps

[Adam Davies]

Hi kpw
Thanks for that,it does help and just shows that creditors seem to favour a lump sum early finish.
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]

Thanks KPW...just sitting and waiting for my IPs reaction...[:o)]

[jpj]

Just had a letter from my IP stating £18k should be enough as full and final settlement...next step a remortgage...hope the credit crunch in the markets wont affect my ability to get a remortgage!!

[Lisa2009]

Good news jpj and good luck with it

[jpj]

Thanks
I would like to use Welshboy or mikebdomain (Leybridge) to sort my remortgage as I know they do good work on this site...unfortunately I cant get either of Leybridges websites to work (not sure if its cause im on applemac) and as the email member service is switched off due to spammers im having trouble contacting either of them...so com on guys..get in touch! )
JPJ

[mikebdomain]

0800 9777587 - is your broadband with NTL? as we have had some trouble with their servers seeing our sites...

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jpj]

Thanks, I will give you a call.

p.s my broadband is with BT !

Thanks JPJ

[jpj]

Thanks for the help Mike, unfortunately a remortgage doesnt look a good option as my whole mortgage would go up from 6.75 to 9% ...

I think my best option would be a secured loan for £18,000 and keep my competative pre IVA mortgage I currently have.
Adding a secured loan of £18,000 on top of my current mortgage would still leave me £36,000 equity in my property.
Im sure there are hundreds of companies out there who offer secured loans, please can anyone advise me on how I find a company that isnt going to rip me off ???

[mikebdomain]

Hi Jpj I have had a word with Kevin and he is going to look into it for you - he will get back to you.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf