f and f

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linrog

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Post by linrog » Tue Sep 01, 2015 4:20 pm
i am going to approach ip in jan 2016 with f and f offer we pay 204 per month due to finish nov 2016 but most certainly need to extend for 12 months due to equity do you think 4k reasonable offer ps the funds coming from my draw down pension which will not be drawn if offer not accepted thankyou
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lifenoteasy

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Post by lifenoteasy » Tue Sep 01, 2015 4:23 pm
I would say that it now depends on the company you are with and whether they would push for a secured loan if equity is available.

By the time paperwork is sorted out £4k may be enough.
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.
 
 

linrog

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Post by linrog » Tue Sep 01, 2015 4:26 pm
my paperwork says if cannot remortgage the 12 months extension im with harrington brookes
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lifenoteasy

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Post by lifenoteasy » Tue Sep 01, 2015 4:32 pm
It may be a possibility then but bear the changes in mind - there are 2 companies that are pushing this at the moment.
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.
 
 

linrog

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Post by linrog » Tue Sep 01, 2015 4:34 pm
my husband is 60 in 2 days time and will be retiring in 6 years if they pushed for a loan does this mean it can only be for half the monthly ammount we are paying and have to finsish by the end of our mortgage tern which is 6 years or my husbands retirement age which also is 6 years thankyou
full final paid over 29/2/16 cc arrived 12/4/16 its all over
 
 

lifenoteasy

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Post by lifenoteasy » Tue Sep 01, 2015 4:37 pm
I think so - it just comes down what happens between now and next year around how companies are reacting.

I think some are watching others to see whether they can get away with it.
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.
 
 

kallis3

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Post by kallis3 » Tue Sep 01, 2015 4:38 pm
I'm pretty sure that the loan cannot extend beyond the length of time remaining on your mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Michael Peoples

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Post by Michael Peoples » Tue Sep 01, 2015 4:41 pm
It is true that any form or secured borrowing whether a remortgage or secured loan caanot go past the normal retirement age. It is also true that the payments to the secured borrowings can only be 50% of the IVA payment so even if you did qualify for a secured loan the amount that could be raised may not be substantial anyway.

I think your offer is a decent one but personally I would put the proposal forward now. The variation would be that the IVA closes in January when you receive the funds so you do not need to wait until you are actually able to draw down the cash. If agreed by creditors then this may even speed the whole process up.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

linrog

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Post by linrog » Tue Sep 01, 2015 4:45 pm
oh brill i did not know that michael i will wait till i get back from our holidays just a cottage in scotland and then i will phone our ip thankyou
full final paid over 29/2/16 cc arrived 12/4/16 its all over
 
 

Shining

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Post by Shining » Tue Sep 01, 2015 5:15 pm
Good luck from me
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Lisa Thomas

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Post by Lisa Thomas » Wed Sep 02, 2015 4:08 pm
Good advice from Michael - good luck!
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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