needs advise as coming to an end of iva...please help

[Jasmin.75]

Hi everyone! it's been a while since my last post...I again need intelligent advise from experts like you...
My husband and I have joint IVA started in Nov.2012, we had 2 episodes of payments breaks that is why instead of 60 months, our IVA is set to 70 months. Currently, we have 16 months more of payment before reaching the end(July2018) of our journey. We are paying £343 per month and my sister offered to gift us a payoff for our IVA, which I am thankful for. But I am unsure of how do we go about offering,also because we have mortgage, i am not sure if we are to extend another 12 months because of this. At this time, we still have £184,000 on the mortgage and currently valued house price approx. £275,000, what is 85% loan to value means? please help me do the right decision...My husband and i would like to finish this journey smoothly but if possible earlier than July 2018. Please help. Thank you.

[Foggy]

Hi. On the equity front you wil have around £50,000 equity in the house and so the equity release clause will be triggered. This means that you have to figure in a 12 month extension to your figures.

So you have 16 plus 12 months left (28) at £343. Therefore your creditors will be expecting a further £9604 in payments. As for an offer amount, bear in mind that they will be saving a bit in admin costs over the next couple of years, so you could round it down a little. I would say, maybe, offer £8k as a full and final.

You will need to specify that the offer is from thied party funds and only available for a F&F. Shoulf the offer be rejected the funds will be retained bvy the third party and will not be available to the creditors. Also say that the IVA will continue as currently agreed if the offer is refused.

[Jasmin.75]

Thank you Foggy for your advise.
Would £7k be reasonable offer if we put the offer in writing by May? Considering we are continuing our payment until that time?
Also with regards to PPI claims, my husband and i received forms Equity in Finance with regards to claims in which we signed and sent 21/5/15, we have not heard from them since, apparently they send these forms with referral from our IVA company, and when i phone the IVA company to ask about this, I was told that I should be the one ringing Equity in Finance to follow up, were in I understand that any claims will go to the iva anyway, should i be ringing or them?(iva company)
Sorry for the added query.

[Foggy]

£7k would certainly be worth a try. As you say, you would have made a few more payments by then. Regarding the PPI, you might be asked to sign a further waiver, assigning the refunds to your creditors. Technically, although you have been referred to the claims company by your IP, the relationship is between you and thr claims company, although, in practice, this often gets blurred. Persnally thinking ... having signed the forms I would just let them get on with it -- it isn't as though you are going to see the money. You probably won't hear from them and will only see if PPI was collected in the final report.

[Jasmin.75]

Thanks again!
I was told that not following up claims of PPI will delay completion of IVA is that true? Does this apply even if F&F offer is offered and possbly be accepted? I was alao told that I should get proper valuation of our house too for possible remortgage or 12 months extension, as written in the agreement.

[Foggy]

It depends on who you are with as to how they handle PPI -- usually the IP will accept an assignment of the PPI refunds, so they legally belong to him, and will issue the certificate. If they are one of the few who wish to hold on untuil PPI is dealt with (contrary to advice issued by all of the regulatory bodies) then you are stuck until such time as the IP is happy.

To be honest, going through the hoops of valuations for the purposes of a F&F is pointless, as it is obvious that the equity release clause would be triggered and you are offering the 12 month extension as part of the offer. Again. it will depend upon the whim of your IP. Yes, the valuation exercise is part of the agreement (in month 54) but you are seeking to vary that agreement and this should be catered for in that variation.

[Jasmin.75]

Thank you so much Foggy. I will keep you posted.

[wantthisfinished]

Could I ask for some help, I'm really close to the end of my IVA - have 8 months left at £197 a month. My parents have offered to help me out however need some help with regards a full and final settlement figure.

As above the funds are a gift for a F&F and if not accepted would continue as normal.

Any advice on what would be a reasonable offer? My parents are elderly and I don't want to cause too much stress or hassle to them with regards figures but they want to see me rid of this.

Thanks

[Foggy]

Could I ask for some help, I'm really close to the end of my IVA - have 8 months left at £197 a month. My parents have offered to help me out however need some help with regards a full and final settlement figure.

As above the funds are a gift for a F&F and if not accepted would continue as normal.

Any advice on what would be a reasonable offer? My parents are elderly and I don't want to cause too much stress or hassle to them with regards figures but they want to see me rid of this.

Thanks

Hi -- the creditors look to be getting a further £1576 from you ..... unfortunately there will be little or no saving for them on the admin side and the variation will cost them £500, so I see little scope to offer anything less than £1500. I am not sure your IP would support the offer either being so close to the natural end of the arrangemenbt --- it will take about 2 or 3 months for an offer to go through (possibly more if with Payplan), which would only leave a few months to go anyway. Rather than use your parents savings maybe it would be as well to tough it out as you are very nearly there.