Advice on changing circumstances

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sufyan

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Post by sufyan » Sat May 08, 2021 12:58 pm
Currently in first year of IVA and pay £100 a month. Recently divorced with ex wife and have 10 year old son and a home owner and property in my name solely. Problem i have is my review is coming up and ex wife is still living at the house that we bought whilst together due to covid situation. So i am paying the mortgage and now lodging at parents and paying £250. Do you think they are likely to understand change of circumstances as i pay for mortgage as homeowner and she will move out as soon as things settle and also me paying to lodge at parents? Its not ideal but as i have a son dont feel right to just kick her out as it will impact my son aswell. Please advise?

Foggy

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Post by Foggy » Sat May 08, 2021 1:41 pm
I can only advise a frank conversation with your IP. They are aware that things happen and they, like you, don't want the IVA to fail needlessly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sufyan

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Post by sufyan » Sat May 08, 2021 2:37 pm
Sat May 08, 2021 1:41 pmFoggy wrote:
I can only advise a frank conversation with your IP. They are aware that things happen and they, like you, don't want the IVA to fail needlessly.
Thanks for reply Foggy,

To avoid a really awkward review i have managed to make a offer of £7600 to settle my IVA agreement i have £7400 remaining on my existing agreement. I am with step change and find out on 18th May weather it will be accepted or not. I have zero equity in my property just need a fresh start. Do you think that is a offer that would be accepted?

Foggy

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Post by Foggy » Sat May 08, 2021 4:20 pm
Difficult to say. You are offering a little over what they would get anyway (assuming they accept the zero equity situation). Usually a F&F offer incorporates 12 extra payments in lieu of potential equity release, but, on the other hand are often reduced a little to reflect the saved time and costs involved in administration of small, regular, dividend payments. At your level of payments it could be seen that one offsets the other, so I would think the offer has every chance. (Usual caveat though -- I have seen low offers accepted as well as high ones refused).

Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sufyan

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Post by sufyan » Sun May 09, 2021 10:45 am
Thank you for your reply foggy,

I must say i have found this forum great for people in my situation sharing experiences.

One question i forgot to ask that if my offer is accepted will they still need to do a review before completion? And once accepted and if they see that i have been earning a little bit more on wageslip, even though my change of circumstances still leaves me in same position in regards to what i can afford could they then reject it?

What is the process?


Thanks

Foggy

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Post by Foggy » Sun May 09, 2021 11:46 am
They usually do a review as part of the closure process and, sometimes, as part of the variation process with a F&F offer. How they might react to changes I do not know in view of a F&F being in the picture and, of course, the amounts involved will have some bearing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sufyan

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Post by sufyan » Tue May 18, 2021 8:36 am
Hey,

Finally the day has come and will find out if my offer has been successful or not! I am so nervous......

My meeting is at 12:30pm how long should i wait to contact them? Also worse case scenario if my offer is rejected can renegotiate and maybe offer a little bit more?

Thanks

Foggy

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Post by Foggy » Tue May 18, 2021 8:53 am
They generally forget that we are hanging over the outcome and a 12:30 meeting might run into lunch break. So you might not hear until at least 2 pm. After that give them a chivvy up.

Yes, you generally can come back with a counter offer if they reject.

Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sufyan

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Post by sufyan » Tue May 18, 2021 12:59 pm
Hey Foggy

My offer was accepted!! I am so incredibly relieved that i don't have to go another 5 years of this.

Thanks for all your advice it really helped 👍

Foggy

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Post by Foggy » Tue May 18, 2021 1:20 pm
Great news ! Happy to have helped a little.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue May 18, 2021 1:24 pm
Brilliant news - well done!
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
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