www.iva.co.uk

Hi,
Does anyone know how long it is from having a full and final agreed, to having to pay it??

My Mum has said she would remortgage for me (embarrassing) but wants to know the exact amount before remortgaging.
Ive paid 10 payments of my iva @100 a month and my agreement was 6k, plus a remortgage at yr4 for 2k or another year added onto the iva.

So I still owe 7k. Would an offer of 6k be reasonable?

I need to let my Mum know exactly how much to borrow.

Thanks in advance

Hi there and welcome to the forum

The only time you will know the exact amount required is when creditors vote to accept your actual offer - so the horse needs to come before the cart so to speak.

I suggest that your mother secures an offer of re-mortgage for whatever sum you feel you want to offer - personally I would suggest the full £7k - and then you make your offer to creditors. If accepted Mum can then draw the money down an pay it over.

Thankyou Melanie.

If I offered 6k and it was rejected, would the creditors come back with a counter offer?? or would I have to put in another F & F of 7k?

A F&F is proposed by your IP on your behalf through a variation meeting,so if rejected your ip can negiotiate on your behalf to try and get it accepted by increasing a offer,you will obviously be in contact with your ip while this is happening.plus an adjournment can be called by your ip for upto 14 days to get any type of variation accepted.i believe this is right a professional will catch up with this.

You could negotiate a higher sum on the day, but my personal view is put the best offer forward in the first place.

From the creditors point of view you are putting forward the best offer you can manage in order to give them the best dividend. It would be difficult to then come back and basically say -- OK, that wasn't my BEST best offer, but this is !!!!

How do you do that Melanie if you aren't there?
Is ther some kind of adjournment to call u?