A question regarding a potential F&F offer in February.
My dad wants to take out a personal loan and use it to offer a F&F to my IP.
I am currently paying £160 a month and as of February 2020 I will have 36 months to run.
For those of you with more experience Would an offer of £6000 be a realistic offer?
As it’s catch 22 as my dad doesn’t want to take out a loan for the offer to be rejected. Of course it’s always a possibility but we don’t want to sell ourselves short when making an offer
Any advice or insight would be great
With 36 months left the creditors would be looking at getting £5760 more from you, so £6,000 would seem to be a very generous offer, which they should bite your hand off for ! I have seen generous offers refused before ( but not often), so it is by no means a foregone conclusion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy, there is always a slight risk of it being turned down, my payments have just been reduced from £277 a month to £160 (due to a massive child tax credit reduction) so from an original debt of £11,900 in total not taking in to account the IP fees etc. I feel it would be a fair conclusion all round.
