Can F&F amount be amended?

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beckym

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Post by beckym » Fri Aug 08, 2008 3:19 pm
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After just starting our IVA I found I was prenant. After much negotiation it was agreed for us to sell our house and have a F&F. A F&F amount was agreed in Sept last year when we put our house on the market.
Due to current changes in the market and economy changes we have yet to sell our house despite dropping the price on various occasions.
We have a mtg of £95k, secured loan of £35k, F&F £24k.
Last week we had our annual report and was given a further 6 months to sell otherwise they are going to say that we have defaulted on the IVA agreement.
Our estate agents without knowing our financial situation have suggested we drop the property price by a further 10k
Our house is currently on the market for 159,995.
We simply can not do this as we require some money to pay our estate agents costs, moving costs and deposit for our rental home.
My question would then be, is there any chance of the creditors decreasing the F&F amount to give us more chance in selling our house to inturn repay them or do we have to just hope that we sell at our current price in the months we have left?? [V]
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Wizzard

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Post by Wizzard » Fri Aug 08, 2008 3:22 pm
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OUCH!!! Not a nice predicament to be in Becks. I'm sure an expert (of which we have droves) will be along to impart there wisdom. In the meantime stay calm until you get your advice ... Stress can kill.
When I was young I was called a rugged individualist
When I was in my fifties I was considered eccentric
Here I am doing and saying the same things I did back then and now I'm labelled senile
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Viki.W

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Post by Viki.W » Fri Aug 08, 2008 4:13 pm
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Hey beckym, what a pain. Please hang in there, on of the experts will be able to advise you. I'm sure something similar happened to jpj, hopefully he'll see this thread too. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Fri Aug 08, 2008 6:26 pm
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You could put forward another variation of terms to your creditors - but would really need to take your own IP's advice on this point.
Regards, Melanie Giles, Insolvency Practitioner
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