Just wondering whether a F & F would be possible, and if so, for what amount ?

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Sue.81

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Post by Sue.81 » Sun Jun 28, 2015 6:40 pm
I am 2 years into my IVA. I have paid the original amount they were expecting for the whole term due to being very lucky with bonus payments at work. This has also meant the last 2 years haven;t been as much of a struggle as I have been able to keep 50 percent of my bonus giving us a lot more freedom.

I am completely aware that I will still need to continue paying in order for my creditors to get as much back of what I owe them.

I am just wondering if I was lucky enough for a family member to help me out what kind of full and final offer you could potentially make in my situation.

Total unsecured debt of 66,000. Currently paid 31,000 which was the original amount expected. I have another 3 years of 509.45 and bonus payments looking likely to continue.

I am just keen to know if a full and final would even be looked at in my situation and if so what would be a good amount to propose.

I am with payplan - who i can honestly say have been brilliant so far.
 
 

lifenoteasy

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Post by lifenoteasy » Sun Jun 28, 2015 6:43 pm
Hi

It depends on whether you own your own property.

You could offer 30 months payments (plus another 12 if you have equity).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Sun Jun 28, 2015 6:53 pm
30 months would be a good offer ( depending upon the equity situation). Bear in mind, though, that the creditors might be expecting your run of good fortune to continue throughout the term and, therefore, get even more paid back.

That said the creditors will find it better to get a lump sum early, which will save them admin costs ( your IP will also save on these costs).
Last edited by Foggy on Sun Jun 28, 2015 7:24 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Sun Jun 28, 2015 7:07 pm
PS I think Foggy meant 30 payments but good luck if you could do it the way the typo came out!
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Sun Jun 28, 2015 7:24 pm
Duly amended lifenoteasy -- thanks :-)
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 » Mon Jun 29, 2015 9:40 am
Hi Sue by my calculations if there is no equity then there is c£18k left to pay excluding any bonus payments. At the end of the day you can always put an offer to creditors and if they reject you simply carry on as you were. Creditors get a lump sum and bring it to an end early. That also saves on Administration costs. If no equity etc I would offer say £15k and see what the response is.
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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