Working out a F&F -

[jhambie]

I wondered if anyone could help re. making a fixed and final offer.

I started my IVA in March 2013 and a close family relative has offered to pay this off for me (if she has enough money) when her investment comes through in early 2014.

I just wanted to know how to work the offer out. Do I take the remaining payments x the monthly amount for the 5 years? So for example, if I have 4 years left out of the 5 years paying £450 pcm, should I offer 450 x 48 = £21,600?

Do you need to take off supervisor fees from this?

Secondly what about the clause re. equity in the house? We have no equity at the moment, and I doubt this will change with the 85% LTV rule, but I am not sure how we should accommodate this in the F&F offer.

Thank you for any advice.

[seagulls]

I think that what you are suggesting is the way forward on this and I dont think that you can be expected to release equity when there isn`t any !

I`m not sure though whether you will be expected to provide a sixth years payment in lieu of equity .

Hopefully an expert will be along soon to help .

[kev59]

You have worked it out, the same as my f&F was worked out. x months x payment per month.
Only I got the money from the sale of my flat. keeping some of the money to start again.

[jhambie]

Thanks Kev59 and Seagulls.

Kev59 did you add a 6th years payment with your offer as I am not sure whether to do it over the 5 years or include the payments for a 6th year in lieu of no equity?

Fab news about your wedding next year...onwards and upwards!!

[kev59]

work it out over 5 years,
but I would not have been able to keep my payments up, as I lost my job and would have failed my iva and gone BR.

[timpane]

I`m not sure though whether you will be expected to provide a sixth years payment in lieu of equity . Hopefully an expert will be along soon to help .

[Kelly O]

Do you have any equity based on 85% LTV?