moving abroad f&f?!

[lisap3]

hi there, i currently have 20 months left on my iva currently paying £492 pm into my iva, however my husband is turkish and due to family issues in turkey we are having to move back there and not sure for how long we will need to be there. Very close friends of ours have offered to pay £3000 to lend for f&f, they may be able to sqeeze up to £4000. The issue would be that i would not e able to work there straight away and therefore am concerned that we cannot keep up the payments when we move. The only option i can see at the moment is to offer f&f. does this seem a reasonable offer ?? thanks in advance

[Foggy]

Hi. The offer might be looked at sympathetically, due to the circumstances, but even at £4000 is a bit light, when the creditors are expecting in excess of £9000.

Have you any idea of the timescales involved -- would a longer break cover the time you are unable to work ?

[luluj]

Sorry to hear of your troubles. Your suggested offer is someway off what creditors would get if you were to continue full term.

I would hope they would look at your circumstances and support you, but in order to have it accepted i would have said an offer of about £7500 was more realistic..is there anyway you could raise the extra ?

Nothing stopping you presenting your low offer to your IP and seeing what they advise....interested o see what happens.

[UpToMyNeckInIt]

I wonder could the OP 'run' from the debt altogether - particularly if her IP did not accept the £3-£4K offer? Could she approach her IP with the lower offer taking the stance that she is moving to Turkey, and going to sever all financial ties with the UK. Almost a 'take it or leave it' type scenario.

[Kelly O]

If your circusmtances change which means you can no longer pay the agreed level of contributions, your creditors may consider your offer to be acceptable.

Ultimatley it is a decision for the creditors, have a chat with your IP and see if they think your offer is reasonable in the circumstances

[lisap3]

hi thanks for your replies, i have gone through all of my paperwork, my original contributions over the term would have totaled £14880, i have calculated that so far i have paid £10324 in to the iva. i am hoping they will accept £3000 as we will struggle to ask for more from our friend:/ i am about to compile a draft letter to forward to my IP.

[lisap3]

hi all, just to update, i sent my f&f offer today :/ i dont know what other option there is at the moment, i suppose it will either be a yes or a no x x

[Shining]

Good luck with it, seen your other post and my advice would be to talk direct to your IP rather than the staff if you're not getting good customer service.

[lisap3]

thank you, i sent the offer via e-mail. How long should I wait to hear something back ? Should i wait a bit, if nothing then shall i phone them up ?

[Shining]

I would give them 5 working days to at leasst acknowledge it although I know it takes a while to get a full and final sorted, did you requet a read receipt on your email? x

[lisap3]

ahh i didnt Lesley but my relationship manager replied to my email confirming his contact details so i know he received it. x

[Shining]

ah that's good then, hopefully won't be long before you hear something. x

[lisap3]

quick update everyone, we have had to book our flights to go :/ Im really getting anxious now, my IP is aware. As i already stated, I dont know how long we will need to be there for which is the most frustrating thing, but what would happen if and when we do return back to the UK ? If the f&f is agreed before we go. Would there be a chance that the IVA will re open and we will have to re-instate our payments ? We need a clear understanding as to what we are faced with .Thanks every body

[lisap3]

Hi there, ok so my relationship manager has informed me that they need a house valuation from us, I sent my mortgage statement in and we have 76000 left on mortgage, I looked online on zoopla and the estimated current value is around 84000, how will this affect my f&f offer ? We don't want to sell our house, we was going to rent it out whilst we are living abroad. Cheers

[Foggy]

If the zoolpla estimate is near correct, 85% LTV would give a value of £71,400, putting you in negative equity. On that basis the IP is likely to ignore the property, but, of course, only they can confirm.