Is the process of offering a F&F as simple as this ?

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Dean.ch

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Post by Dean.ch » Mon May 16, 2016 8:20 am
Hi, I posted a question regarding a new I & E after starting a new job, my dad could see how much the whole thing was stressing me out and offered to lend me the money to pay the IVA off early, I'm 2 years into the IVA and I've worked out my remaining payments come to £6200, I should add that my new job is on less money, is the process of paying a F & F as simple as offering them £6200 or is it a lot more complicated than that?
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon May 16, 2016 10:36 am
Hi Dean

Yes its roughly that simple.

I wouldn't offer as much as £6.2 btw, I would offer less. Maybe try £5k? They have to bear in mind all the costs and extra 3-4 years of you continuing to drip feed into the IVA if they don't accept the offer.

Your IP will probably want to see a statement/some evidence form your Dad proving the funds are coming from him. Some ask for ID too.

Make sure your offer includes a statement that the offer will reduce by any further contributions you make in the meantime.

Best of luck - you should have the answer within 5-6 weeks of sending you offer and all the supporting documents required.
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 » Mon May 16, 2016 11:10 am
In addition to Lisa's suggestions, above, make it clear that the monies are third party funds, are for the purposes of a F&F only and, if the offer is rejected by creditors, will be retained by the donor and will not be available to the IVA estate.

Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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