What do you say in a F&F letter offer?

[MelanieGiles]

Do tie them down to a timescale - and keep ringing them to make sure they are doing the work they have promised to do.

There is nothing to focus the mind more than a persistent client!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[thugusher]

hi! how do i compose a early settlement letter if i want to pay my iva off early? i have a baby on the way and the equity on my property has increased. i am currently struggling to meet my payments every month and i want out.

[thugusher]

ive just finished my 1st year on the iva by the way

[Lisa2009]

I would suggestyou write to your IP and explain that you are struggling and fear it will get worse with baby on the way. Just be as honest as you can and make sure you are going to put your very best offer forward.

[Adam Davies]

Hi
I would have a chat with your IP and voice your concerns regarding your drop in household income because of the new baby.They will be able to advise you of the options available,but be sure that it,s your actual IP that you talk to.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[thugusher]

Thanks for that andy.. i actually called them to inform them that i was expecting a baby but never spoke to my IP i always get passed to someone else.

[thugusher]

this is the deal my IVA is to pay £44k, i've paid £8000 so far, my equity on my flat is 29900, i am hoping they will accept a settlement figure between £20 - £25k. im being stretched evry month and i need to start puting money away for the new born for prams, cot e.t.c

[Adam Davies]

Hi
Does your IVA have a fourth year equity clause within it ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[thugusher]

yes it does

[thugusher]

i hope you mean releasing equity at end of 4th year of iva

[Adam Davies]

Hi
The problem that you have is that your creditors could get as much as 85% of your equity if they wait til year four and they would have received 36+ monthly payments ontop of this.
You need to talk it through with your IP but don,t hold your breath.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[thugusher]

in my agreement i think it says the equity release in 4th year will be £7k! can anyone advise?

[MelanieGiles]

If you are now able to make an offer equivalent to the value of the future contributions, together with the £7k, on the grounds that you are expecting a baby and this will affect your ability to pay your contributions, then you may have a fair chance of success - but you now need to discuss this directly with your IP.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[thugusher]

will have a word with the IP.. thanks

[thugusher]

Hi! called to speak to my IP but got passed to someelse as usual (they never allow me to speak to the aactual ip). told them that i wanted to see if i can make an offer end iva early and they said they will send me a redemption statement or something.. they didn't even ask me how much.. is this right?