in an IVA but I have had to give up work

[Adam Davies]

Hi
If Andrew and the other brokers can't help I think that your best bet would be to hang in for the sale,otherwise you could land up with an unaffordable and expensive remortgage
Regards

[flozza]

Hi Andy,

Thanks again for your previous advice.

I wonder if anyone can answer this question... My mum would like to mortgage a share of my property that is on the market to offer creditors a full and final. The idea is for us to have a percentage each and enouh to offer the creditors the full and final amount. Do you think this is a possibility? It would mean about 60% mortgage for my mum and 50% for me. The intention is to raise the cash and rent the property out.

Any advice most welcome.

Thanks!

[MelanieGiles]

That is certainly an idea, but again boils down to the availabilty of mortgage funding and your individual circumstances. Have you taken advice from a mortgage broker about this?

[flozza]

Hi Melanie,

We have just contacted mum's broker via email and I have just emailed Andrew at Brightoak, so we don't know if it can be done.

Thanks

[flozza]

Hi,

I wonder if anyone can advise me please....

It is possible for my mum take over most of my house and to raise funds after speaking with her mortgage advisor. He has suggested making an offer of £20,000 which with what I have paid should offer a return to creditors of 31% (the original dividend was 33%) He has said that due to the fall in house prices and current financial institutes tightening thier belts, that this should be a good offer. Do you think this is viable? I have sent my proposal outlining the facts and that they could have the money within 6 -8 weeks, rather than trying to sell the house. It has been on the market for 9 months and the price is having to be dropped a few times...

Thanks

[MelanieGiles]

You will need to check this with your own IP as they have detailed knowledge of your case and will know what is likely to be accepted by creditors.

[flozza]

HI Melanie,

Thanks.

Unfortunately, this is what I have been trying to do for weeks. DFD seem to be incredibly slow at replying unless I have sent a complaint letter!

[flozza]

Dear All,

I wonder if you can advise me again please...

Ian, is very kindly looking in to my IVA situation, but I just wondered..

I have made an offer to my IP to propose to my creditors as a F&F, and feel that it's taking too long for him to put the proposal together - it's been over 8 weeks. The last thing my IP said wa that he was putting a proposal together for my to approve before calling a meeting of creditors.

Since I chased this up, I am now being asked for another house sale price, solicitor's and estate agents fee with mortgage settlement figure. I have sent this information goodness only knows how many times! I have replied to DFD's email with the costs again - is this enough information for them. The proposal is coming from my mum, who is looking to bay a huge proportion of my house in order to rlease the equity for me to offer the F&F figure. Do I need to say this to them at this stage?

I have been advised by my mother's mortgage broker to offer the dividend and see if they will accept the offer first. I am getting so frustrated with the waiting - overall it has been arounf 7-8 months of paper work, communication and me chasing my IP and variations team. I only had a response form my IP after sending a four page complaints letter detailing all of the people, times and communication letters I had sent via recorded delivery.

The dividend is roughly 1 - 2% less and should be available for them in 6-8 weeks, rather than another 9 months which is how long my house has been on the market!

Please could someone advise me.....

Thank you

[MelanieGiles]

Your IP does need to know the exact details of your offer, but I would suggest you contact them and ask what they feel is a reasonable timeframe for putting this forward at the moment - and then try and get them to stick to that timeframe so that your expectations are appropriately managed.

[flozza]

I wonder if anyone can answer this for me please.

At last, there will be a hearing in August for my proposal of Full and Final settlement offer. I have sign the bottom of the letter which ,entions 'proxy', am I correct in thinking that my IP is the 'Proxy' I am giving permission to in order for the meeting to take place?

Thank you..

[MelanieGiles]

No - the proxy is for your creditors to nominate someone (usually the Supervisor) to cast their vote for them.

[flozza]

Thanks Melanie.

So, should I just sing the bottom of the page and send the proposal?

[MelanieGiles]

You don't need to do anything with the proxy. It is for the creditors and not for you.

[flozza]

Ok, thank you.

I just thought I had to sign something and send it back.

[flozza]

Dear All,

I am now in the waiting game to see if my full and final offer will be accepted. The meeting is on the 5th of August and I am thinking of nothing else. When the meeting is over, will I be called to hear the outcome, or will it be through a letter? My IP didn't mention whether I should phone after the meeting.

It's going to be a very long few weeks. If the settlement isn't accepted, what happens next - Bankruptcy? My Ip has put forward a very good case I have to say, but the dividend has dropped from 33% to 17% of a flat figure. As my IP said, it's a far better return than Bankruptcy......

Has anyone had a lower dividend like mine accepted?

Thank you.