We have put the offer in writing to the case officer who has said she is setting up a query for the IP and will let us know the outcome but I don;t know how long this will take? She said to obtain a letter from the relative offering us the money (which we have and have sent off), a mortgage redemption statement (which I have now received) and a house valuation which we should be getting from Purple brick this evening. Does this all sound right?
She said that there is always a chance the offer will be rejected and bankruptcy might be chosen?
Absolutely not with bankruptcy! They are well known for doing this and did it with us which was a no go as we had loads of equity. I think they are trying to put the frighteners on you. Stick to your guns and say bankruptcy is not an option.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Tell them to remove any reference to bankruptcy in the variation and relevant correspondence. Talk about poking a sleeping bear with a sharp stick !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In our f&f offer we have not mentioned bankruptcy but when she emailed back sayin she would be in touch with IP and let us know...this was part of the email that concerned me ;
"We are required to let you know what we cannot guarantee the outcome of any meeting. There is always a risk with proposing a variation to the original proposals with one of those risks being bankruptcy if your offer is rejected.
If you offer is accepted and any successful PPI refunds come alight then these will be initially paid into the arrangement for the benefit of your Creditors. You may still require a refund directly."
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How will I know if they have done this though? (mentioned bankruptycy)
All I have done is sent across the f&f proposal after the I & E coming back as not being able to maintain payments. I haven't mentioned it apart from replying to her to say I want to avoid bankruptcy.
They are requesting the mortgage redemtion statement and house valuation and telling me this (bankruptcy) might be an outcome of the meeting that I need to be aware of.
I really hope they will accept our offer as I'm worried now.
Don't worry! As long as you keep telling them to remove the bankruptcy clause you will be ok. Bear in mind that paperwork will have to be sent out to you for signing and, if it mentions bankruptcy, contact them and tell to send it out again without that clause. They did it for me and have done it for several other posters in the past.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Unless the variation is brought about because of the imminent failure of the arrangement the usual outcome , if the offer is rejected, is that th IVA continues as before and I would word the offer accordingly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
best of luck !