This is so much better than winning the lottery

[one month at a time]

MY FF WAS ACCEPTED...

Some of you may recall that I posted on here different questions about the FF settlement - Well it was accepted and I am shouting this from the top of the house! The creditors meeting was on Friday at 11.30am and they accepted my 60k.- This is so much better than winning the lottery
We owed about £150k - buts that another story, I had my house valued and had 75k equity in the house, so I offered the creditors 60k and they have accepted, I am free!
I wanted to post this as over the last 3/4 weeks I have not slept with worry and being ratty at the kids have not helped either, but I do honestly feel as if I have had the weight lifted from my back, so as a celebration I have booked a holiday for the family in Spain for 2 weeks.
The IVA has worked for us, but it has been a challenge, I hated it, but liked it at the same time. It has been an experience for us and one that I will never be in again, I used to have strong views on Debt, but that has changed now and through this site have found some very kind and genuine people.
I wanted to Say THANK YOU to all of you and to say that Good luck, keeping looking at all options.
Kindest Regards One Month at a time

one month at a time!

[hara]

Dear One month at time,
CONGRATULATIOS AND GOODLUCK FOR DEBT FREE FUTURE.

Can you post some more detaila please.

1)How long were i IVA?



2)Was there a clause of 4th year equity release?

3)Did you offer more than the original dividend.

4)Are you selling House or Remortgage?

5)If Re-mortgage is it easy to get one.

I am in IVA recently and am thinking of future because of my age. I have two young children of 13 and 12,by the time I finish my IVA,children will college age.I am very worried I may not be able to fund it. But if I can sell house in a year or so,down size,clear IVA and save.Also IVA is very restrictive but I did not have an alternative.

would appreciate more details.

Hara

[one month at a time]

Hi our original IVA was for 5 years with the clause to release 75% equity in the 4th Year, we was paying £289 per month, we have only been in the IVA for 18 months. but on Month 20 it was going up to £600, so I looked at all my options.
The original creditors meeting Egg wanted more to be released for me, but I had my house valued and I had equity, I paid them 60k back which I think was 41p in the £1, It should have been 46p in the £1 but I explained to them that for work reasons I needed to get out of the IVA and that if I was to go BR they would only get 12p in the £1.

I was very luck as a company called Max Recovery had a majority of the debt and they were the only creditor to vote, I understand that they brought some of our debt for 10p in the £1 so they are really pleased with the extra 31p in the £1.

We remortaged and yes it wass very easy to a degree, we contacted several people and found an advisor who was brilliant and got us a mortgage with GMAC, its not perfect but we pay £1300 a month, and thats it, wheres if I continued with IVA then we would have been paying £900 on the Mortgage and then £600 to the IVA - and then still releasing equity on year 4, so now I dont have to worry about winning the lottery and sending apyslips off etc and I am financial better off.

I have heard that GMAC is a bit funny, but I dont care, i will pay my mortgage for 2 years (this is thefixed term) and then move to someone else with out penalties, and hopefull a better interest rate.

I understand what you say about the Children, ours of similar age and you want the best for them. What does surprise me is that so many people I have spoken to say that they have no choices, but there is so many choices to get out of your IVA, you just need to talk to your IP and be honest, I emailed my everyday with different options and eventually came up with this one! - thats what we pay them for, but I did have a good one.

Hara - Please be strong and good luck to you and your family, if you need any info on mortages etc, let me know Take Care

one month at a time!

[aguise]

[:D]Great news one month at a time. I am really pleased for you all the very best to you.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[hara]

Dear one month at a time,

Thank you for the detailed information.

Last year I did not know about IVA,I remortgaged,for over 100000, got all used up.

My remortgage was with GMAC,who now sold it to mas5.

I am glad you are released of IVA after 18 months! Gives me hope.

Who was your IP?

I am thinking of selling or barrowing more than 100%,
I have two sons from previous marriage who are abroad, who may help me in an year or two.I am thinking of future. I am almost 60 and letting the IVA full course would leave much to look for.As the months pass by life would be very restrictive and confined,still tied to IVA.Hence I am looking for IVA to be possibly to conclude in about 18 to 24 months.

My IP is GT, who have been helpful so far.Who aws your IP? I have a proposal to pay 29 p in the pound,no less.

My IVA was agreed on 9th of july, have made July and August payment.

I would anything to to conclude IVA in about 24 months, even saving on food.

Can you give the name of the mortgage agent,please for my future reference.





Your opinion would be valued.

hara

[one month at a time]

Hi the best Mortgage advisor that I have come across is a company called Orchid, if you google them you can get there details, I hope that this helps, I can honestly say as long as you are honest with your IP and say what you want to achieve you should get what you want. It is not easy, but I was even considering selling and buying a smaller house, but my IP said that I should stay where I am.
Good luck and please let me know how you get on

one month at a time!

[aguise]

Hi Hara Welshboy is very good and posts on here.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[hara]

Thanks one month and aguise.

Who was your IP,one month?

Hara

[maxdebt]

I would second aguise's post. Welshboy found me a mortgage when no-one else could (and has saved me from bankruptcy in the process!)

[MelanieGiles]

Just curious as to the reasons for the variation? Was it that you felt that you would be unable to sustain the higher payments of £600? I can't quite understand that logic your IP would have used to persuade creditors that an equity release now, is better for them than an equity release in two years time with the added benefit of increased payments in the meantime.

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

[one month at a time]

Hi Melaine, My job changed and the law said that I can not be involved in any financial arrnagement if I was then, I had to leave my job and then th eonly choice that I had was to go BR.

one month at a time!

[jue]

Hi

when you said you had heard Gmac are a bit funny what did you mean by that? Im just curious thats all coz i know someone who is remortgaging with them.
thanks

jue.x

[Adam Davies]

Hi One month at a time
I remember your posts and am pleased for you.
Your case gives hope to others who have the fourth year equity clause and a well done must go to your IP who obviously proposed your variation in a tempting way.
Good luck for the future
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

[iva experts]

Congratulations!!! I hope have a lovely time in Spain, try and catch up on all that sleep you have lost. [8D]

Best Regards. IVA Experts

[Oliver]

Congratulations and all the best with everything in the future.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp