www.iva.co.uk

Hi Guys,

Feeling positive today. Thanks to this forum I have been in contact via e-mail with GT as suggested. Despite the fact that I have to attempt re-mortgage soon, from advice I have been given this will probably be denied. I get a property valuation this week and I am sure that looking at my mortgage redemption figure I will have an excess of £5000 equity. I know that this would mean an additional 12 months extension to my IVA but having been in contact with Claire at GT I am more confident that a F&F settlement may be a real possibility. This would mean that I could be debt free come June 2012. Happy days[:D]

Thank god I found this forum

Good luck - I hope this works out for you !

Hi cookies68

We are with Grant Thornton too. What did they sa about a f & f settlement? Will you still have to try and remortgage first? How do they calculate what offer they will acept?

Any information will be greatly appreciated.

Good luck from myself too and I sincerely hope this works out for you positively. x

Good Luck Cookie.

Good luck Cookie!!!!!!

Dear everhopeful,

with regards to re-mortgage I have to get property valuation. With my arrangement if I have more than 5K equity I must attempt re-mortgage. If successful a lump sum is paid into IVA which is 85% loan to value and IVA finishes. If I cannot do this then my term would be extended for 12 months unless I can offer realistic F&F settlement.

Everhopeful,

Just to add that I have been advised that F&F offer does not necessarily have to be the remaing figure owed but does have to be your best offer which is close to the dividend being payed. If you speak to your IP which I have done, they can advise you when the time comes as to what would be a realistic offer.

Cookies68

When you say you can make an offer does that mean if you can't remortgage you will be able to offer close to the remaining 12 months repayments? We are with Grant Thornton too.

Everhopeful - yes you can make an offer in lieu of further 12 months and I think I am right in saying it doesn't have to be equal to what the normal repayments would be but should be as close as possible. I am led to believe that alot of creditors would prefer a lump sum to divvy out rather than continue with the montly payments - even if lump sum is less than what they would get over a 12 month period.

You will also have to let the IP know where the money is coming from and that it is only available for the full and final offer.

Yeah, Jan is right the bank of Mum will hopefully come to my aid!!! By the time I am ready to offer hopefully the amount won't be too much

Hopefully not!!!

Your mum will have to provide details of the money available to the IP - it's to do with money laundering.

Is that for real

Yes it is. It is all to do with money laundering.

I know it is all above board, you have to prove it to the creditors though.