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Posted: Thu Jan 10, 2013 11:27 am
by stevenabbott
Hi all
Just a quick question . I have a variation meeting today due to Nram changing me back to a repayment mortgage from interest only and as a consequence reducing my payments from 700 a month to 220 a month to my iva . I am 4 years into an IVA with 2 years remaining having the no equity clause built in .
I estimate that i have £5200 left to contribute at £220 a month for 24 months . What would you say is a fair F&F should a friend be able to help me out here . I dont want the further 2 years in truth and could potentially lose 180 of that due to the child benefit payment cap .
Posted: Thu Jan 10, 2013 11:30 am
by Shining
Hi, all I can say is that an offer as close to the original dividend as possible is best advised.
One of our other posters who have experience of a F&F will I'm sure offer other advice.
Good luck for today and for your F&F offer if you make this.
Posted: Thu Jan 10, 2013 11:41 am
by Adam Davies
Hi
Sounds a good offer because of your change in circumstances
Regards
Posted: Thu Jan 10, 2013 12:00 pm
by stevenabbott
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
Sounds a good offer because of your change in circumstances
Regards
Thanks Andy for a quick response . I dont know what a resonable offer would be given that £5200 of monthly payments still remain should the variation be accepted . I have some ppi claims being investigated and i am hoping to us this as an additional payment vehicle .
Posted: Thu Jan 10, 2013 12:57 pm
by Foggy
PPI repayments will not be factored into a full and final payment, as a general rule. This is regarded as a "bonus" for the creditors and they will still be expecting somewhere near to whatever you are due to pay under the agreement current at the time of the offer --- in this case pretty close to £5k.
Posted: Sat Jan 12, 2013 8:49 am
by stevenabbott
Hi all
Just wanted to let you know that the variation was accepted .
Thanks for the advise.
Nram had increased my mortgage back to repayement and that was a sizable increase in payement that impacted my ability to pay the agreen monthly IVA contribution .
Alls well that ends well .
Posted: Sat Jan 12, 2013 8:51 am
by TheArtist
Good news Steven. Just keep plugging away.
Posted: Sat Jan 12, 2013 10:01 am
by Shining
Great news glad it went ok for the variation meeting x
Posted: Sat Jan 12, 2013 10:21 am
by Foggy
Good news Steven -- it's great when common sense prevails
Posted: Sat Jan 12, 2013 10:27 am
by in-a-mess-indeed
Great new well done