Hi everyone, this is my first post on here and was wondering if I could get some advice

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molsta

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Post by molsta » Wed Jul 01, 2015 7:34 pm
Hi everyone, this is my first post on here and was wondering if I could get some advice.
I am currently 1 year into a 5 year iva I pay 125 a month as I am disabled and can never work my debt was about 23k. My farther who did not know about my debts when I went into iva has now found out and says he will pay it in full for me, the iva, not the full debt I mean would this be acceptable to them. I have been reading things that go both ways , surely they would all like it in one go rather than wait another 4 years ? Any advice would be much appreciated.
 
 

Adam Davies

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Post by Adam Davies » Wed Jul 01, 2015 8:47 pm
Hi and welcome

Try an offer of 5k, state that the funds are only available from your father if used to conclude your IVA

Good luck

Regards
Andam Davies
 
 

Foggy

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Post by Foggy » Wed Jul 01, 2015 8:49 pm
Hello and welcome.

If you are offering near to the projected dividend I would think they will bite your hand off -- they will save on admin costs as well as getting the money early.

If you have no equity to deal with an offer of £6000 will give them what they signed up for. You could offer a little less -- but then you begin to gamble on acceptance. It can go either way -- but I see no reason for them to refuse ( other than stupidity :-) )
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 » Wed Jul 01, 2015 9:05 pm
The fact that you can never work is also a factor that you should use.

I hate playing the disabled card but sometimes it has its uses when it comes to forcing someone to accept a different view.
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.
 
 

molsta

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Post by molsta » Wed Jul 01, 2015 9:14 pm
we have got a bit of equity in the house about 10k but that is all in my wives name its her mortgage not mine, would this make a difference. My disability is progressive and I am only going to get worse should I use this, I would be able to get medical proof of this or will they not bother about it
 
 

molsta

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Post by molsta » Wed Jul 01, 2015 9:17 pm
I also read you only get one chance at the offer so don't want to waste it with a slightly less offer
 
 

lifenoteasy

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Post by lifenoteasy » Wed Jul 01, 2015 9:20 pm
If the mortgage is only in your wife's name then you should only be looking at 5 years payment in total.

Most creditors aren't hard hearted so it will come down to how willing your IP is ready to co-operate.

If your condition is progressive then get evidence if you feel that would help.

Bluntly - if you can get out of the IVA do so and make the most of living. Disability is bad enough without seeing the changes as you get older.
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.
 
 

molsta

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Post by molsta » Wed Jul 01, 2015 9:30 pm
Sorry when you say IP is that insolvency
practitioner and is that the receiver who I pay the money too
 
 

lifenoteasy

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Post by lifenoteasy » Wed Jul 01, 2015 9:46 pm
Basically the iva company you are with.
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 » Wed Jul 01, 2015 9:50 pm
I agree with Lifenoteasy --- I would play on the progressive aspect as this could make payments harder in the future, so they should grab the cash while it is on offer.

As for the equity, the harder companies might try to claim you have an interest in the house by virtue of living there with your partner -- this is a difficult thing for them to prove, so fight it if they try it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

molsta

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Post by molsta » Wed Jul 01, 2015 11:55 pm
Thanks for the advice everyone glad I found you
 
 

lifenoteasy

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Post by lifenoteasy » Thu Jul 02, 2015 9:12 am
PS - ignore where people say it is a one off chance.

The fact is that it costs to fold a f&f meeting and the lower you pay in an IVA the less money there is for things like this.

If you get a second chance (and hopefully you wont need one) they may ask that you pay for the next meeting.
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.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 02, 2015 9:30 am
You can increase or amend your offer at the variation meeting just the same as the original meeting. You should also consider bankruptcy as the costs would be a lot less especially if you did not get an income payments order.

I think £5k is more than generous and creditors should grab it.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Jul 02, 2015 10:19 am
Hi there. I agree with Michael that £5k would be a good offer as by my calculations you have £6k left to pay. The equity position will depend on what was agreed in your proposals - check them first before making your offer but on assumption all okay I should think creditors will snatch and run if they have any sense.
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
 
 

molsta

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Post by molsta » Fri Jul 03, 2015 11:13 am
This is why I went down the IVA route and not bankruptcy one as they said the house will not be affected by it as I said its all in my wives name if I went IVA way, I am just nervous about showing my hand the IP , its better for everyone to just get it paid isn't it and the earlier the better surley.
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