Is there a chance that creditors will accept a F&F ? I am on year 5 with an extension of 12 months.

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Jishmon

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Post by Jishmon » Mon Feb 08, 2016 11:01 am
I am runiing on 5the year of my iva and I tried remortgaging at 54th month which was a failure. So I will have to continue for another 12 months. I would like to know if there is a chance my creditore will accept a full and final settlement as on of my relatives is ready to pay for me. Will there be another review if prior to the final settlement?or at the beginning of the 6th year? Please Let me know. My moenthly payment is £350 ans what outstanding is nearly 6300.

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Jishmon
 
 

kallis3

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Post by kallis3 » Mon Feb 08, 2016 11:05 am
Hi and welcome,

There is always a chance that a full and final could be accepted.

How much is relative willing to give you?
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.
Bob Marley.
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Lisa Thomas

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Post by Lisa Thomas » Mon Feb 08, 2016 12:25 pm
Hi you could make a F&F offer although if you wait too long it won't be worth it as it will take your IP one month to call the variation meeting once they have received all the necessary paperwork and information from you to do so.

Best to act quickly.

I would think an offer of £5.5k would be reasonable but if you want to make it as attractive as possible you would offer as much as £6.3k.
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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