Hi all,
i have posted before but for some reason i cant remember my password and it doesn't get emailed to me on the link.
So im looking at a f&f offer and was wondering if the below sounds reasonable?
But couple of Q's - do i need a written valuation as i know there is equity in my property but i cannot release it and also do i need written refusals for mortgage? Also dis the letter of intent have to be long or can it be very basic?
proposal draft letter ***************
IVA entered into 12th November 2010 - 60 months
Modifications were added in the chairmans report including extending the iva to 72 months with a further 12 months If equity could not be released from property.
IVA proposal value: £14,310.60.
To date paid: £15,246.76 (June 2014)
I have made tentative enquiries about a remortgage in order to release equity and conclude the iva early and have been told it is not possible and they would only loan 65% LTV if I was out of my iva but whilst being in one they wont even consider it.
This situation is unlikely to change especially due to the new mortgage lending rules and stricter credit control implemented by government and the financial sector.
My partner is willing to lend me a lump sum to conclude the iva early. Letter of intent enclosed.
This sum is offered and available only on the basis that it is used and accepted as a full and final settlement of the iva.
The math:
36 months payments @ £331 = £11,916
Considering the 9 months of little significant contributions being made due to maternity leave, continued reduced payments due to part time work and equity not being able to be released;
My full and final settlement offer is £10,000.
That would make my total contributions £25, 246.76 (june 2014) – well above what was proposed at the start of the iva.
Please can you call a variation meeting as soon as possible and present this offer in good faith on my behalf.
Given that you are addressing the possible extension of the IVA and thus acknowledging the equity situation I personally would not seek a written valuation. I would also not ask for refusals as these could impact on you in the future and I think the offer is more than fair.
I would expect to see a valuation of the property, to ensure that a very frank and accurate financial position is conveyed to your creditors within the variation proposals.