full and final advice

[swan12]

Hi any help would be greatly recieved.

I entered into my iva in Aug 2007 with 27,0000 of debt, paying £110 x 12 months then £297 x 25 months and £316 x 23 months @ 55% dividend with a £6000 equity release in the 4 year.

Currently i have 18 payments (@ £316) remaining with a option of extending for 12 months if equity isnt a option which i dont think will be due to house prices.

we are considering a offer from a friend and making a offer of a F&F settlement we have been offered £6000.

Could you advise me if this is a reasonable offer?

Im unsure about contacting my IP yet i dont find them helpful or supportive, and just wanted some advise first.

thanks for your help.

[Michael Peoples]

I assume the equity release is £6,000 and not £60,000 in which case your offer seems fair. You will need to provide an up to date mortgage statement and valuation but provided there is not substantial equity still in the property I see no reason for this to be turned down.

[swan12]

Hi, yes sorry if unclear during the proposal stage our house was valued and they stated they wanted 85% of my equity in year 4 which was around £6000 in 2007 ( the house is joinly owned) i do believe there is around £ 4000 total equity now looking at properties in our road for sale.

[arrmickk]

We bought in 2007 and our house was £90,000. 4 years on it's worth £80,000 so they would be silly to not accept your F&F offer with the state of the housing market at the moment. Fingers crossed for you [:)]

[Michael Peoples]

Sounds a very fair offer and best of luck with it.

[plasticdaft]

Does sound like a reasonable offer,let us know how you get on though.

Paul

[swan12]

Thanks would i just need to contact my IP then? any ideas what they would need from me in form documents, would it just be mortagage statement etc and proof of where money is from for the offer?

[MRBLUESKY]

Hi swan12 make a formal offer in writing to get the ball rolling,provide the documents michael stated,the person who is offering the money will need to send a letter with their details and confirmation that the funds would only be available if they are accepted to conclude your iva.looks good to me good luck.

[kallis3]

The person providing the money also has to tell them where the funds are coming from.

[MRBLUESKY]

A cheque from the third party with their bank details ,will be accepted ok.Some IP,S prefer the funds upfront so they know they are available if a offer is accepted.

[kallis3]

I believe they still have to state where the money has come from - it's all to do with money laundering.

I do stand to be corrected though.

[swan12]

Hi, still trying to work this out its mind blowing.

I have 15 months remaining at £316.00 per month and as equity release isnt avaliable due to house prices would need to extend payments by 12 months = 27 months plus 3 months lost due to maternity leave according to my calculations that is £ 9480.

Funds available now from a third party are £5000 to complete a full and final settlement.

Any thoughts and suggestions would be grately recieved.

[Broke of London]

Put it to your IP for them to advise. It looks a bit low if there aren't any mitigating circumstances as you are only offering half of what thet can expect by letting the IVA run it's course. Good luck though - I don't think there is anyone that wouldn't want early parole xx

[Adam Davies]

Hi
Your creditors would be expecting their share of 9k over the remaining IVA term, less IP fees, so you may find that a higher offer may be needed to conclude your IVA.
Could you raise 7-8k ?
Regards

[darth-skint]

I hope this helps....
I asked for a payment break of 2 months which I got.
I stated I'd moved out due to marriage split and am paying extra rent.
My wife had stopped working due to no work available.

We had 1 year left on the IVA with an option on 12 months extension due to equity. I offered £3k and it got accepted. Out of a possible £12k I paid £3k