Do you think that this F&F offer would be accepted ?

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Sharondq94

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Post by Sharondq94 » Wed Oct 05, 2016 4:47 pm
I have been in IVA for 3 years - pay £240 per month. I wish to offer a F&F settlement of £7500 as my parents have offered to gift me this - do you think Aperture would accept this.
 
 

Foggy

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Post by Foggy » Wed Oct 05, 2016 4:54 pm
Assuming your IVA is for 5 years you will pay in around another £5700, or, if you need to extend for equity ( an extra 12 months) £8600.

If the former you could offer £5000, if the latter the £7500 seems reasonable.

It is not for Aperture to accept -- they will have to put it to the creditors by way of a variation --- the creditors will decide.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Oct 06, 2016 9:33 am
Does the year extension apply to you? If not I'm not sure why you would want to offer more than you would pay if you continued in the normal way. I agree with Foggy - if the extension doesn't apply offer £5k.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Sharondq94

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Post by Sharondq94 » Thu Oct 06, 2016 9:48 am
I didn't have an extension year. The IVA was for 6 years. I had no equity extension as it was included in my IVA that I would hand back the keys to my home within the first year. This was done and the mortgage company were not included in my IVA as the sale price covered the mortgage.
 
 

Foggy

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Post by Foggy » Thu Oct 06, 2016 11:31 am
A somewhat harsh clause given that a main thrust of an IVA is to protect the home. However, no equity to address, I would suggest an offer of £5,000 in full and final settlement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Sharondq94

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Post by Sharondq94 » Thu Oct 06, 2016 11:35 am
Even if the IVA is over 6 years in total so £8600 would be paid if I continued with monthly payments.
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Oct 06, 2016 11:50 am
If you definitely have 3 years left at £8,640 you might need to increase it a little to make it more attractive but having said that creditors get paid 3 years early with a saving on Administration costs etc.

Whatever offer you make don't tell them there is more available or they will simply ask for more.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Foggy

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Post by Foggy » Thu Oct 06, 2016 12:05 pm
Apologies -- I didn't take that extra year into account, so the £5k would probably be a little light. However, I am assuming now that the surplus on the sale of the house was paid into the IVA, so you are a little ahead there ..... I would try an offer in the region of £6,000 -- £6,500. As Lisa says, if refused you can come back with the £7,500 but don't tip them off to there being more at the outset.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Sharondq94

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Post by Sharondq94 » Thu Oct 06, 2016 12:13 pm
There was an secured loan on the property so that company received the surplus and the balance of the secured loan was encorporated into the IVA as they became an unsecured loan. The term is definitely 6 years though. Would you wait until after my annual review to offer them the money?
 
 

kallis3

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Post by kallis3 » Thu Oct 06, 2016 1:14 pm
If there was a secured loan then I am surprised that it became unsecured.

Mine just carried on as normal.
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Sharondq94

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Post by Sharondq94 » Thu Oct 06, 2016 1:19 pm
It had been included in the original IVA proposal as the house had to go so it was agreed that once the house went it would be unsecured and provision made within the IVA for it.
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Oct 06, 2016 5:01 pm
I suspect there was a shortfall to the secured lender Kallis.

I wouldn't wait until after your Annual review, it won't achieve anything - the quicker you get started the quicker (if accepted) your IVA can be closed.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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