another full and final question

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roach3
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by roach3 » Thu Aug 03, 2017 10:40 am
my wife and I were both in an iva but I have since settled mine
however my wifes is still running and has around 15 months left
I have two questions.

I am in a position to make an offer to settle the remaining 15 months of my wifes plan
which as of today stands at around £4000 if left to the end and does not increase in a review

these funds would come from a small pension I have access to

would they accept a payment from myself?

and if yes what would be a reasonable offer

there is no equity release or remortgage rules due to our age as far as I know

funnily enough my wife has just had a call from credifix as I'm typing this asking for a review

I was thinking of offering £3500 is this a good offer

many thanks
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Lisa Thomas
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by Lisa Thomas » Thu Aug 03, 2017 11:09 am
Sounds like a good offer to me.

Best of luck.
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Foggy
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by Foggy » Thu Aug 03, 2017 11:12 am
I would agree with Lisa. £3,500 sounds a fair offer. Good Luck.
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Michael Peoples
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by Michael Peoples » Thu Aug 03, 2017 11:15 am
Sounds like a good offer to me but make sure it reduces by each month's payments in case of any delays in the variation. I think CF are usually pretty quick but there could be issues so you do not want to overpay.

There is no problem with the money coming from yourself as you are debt free and a third party. Very best of luck.
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kallis3
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by kallis3 » Thu Aug 03, 2017 12:12 pm
Good luck from me as well.
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Lisa Thomas
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by Lisa Thomas » Thu Aug 03, 2017 2:00 pm
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roach3
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by roach3 » Fri Aug 04, 2017 10:54 pm
many thanks for replies

roach
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roach3
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by roach3 » Tue Aug 08, 2017 9:31 am
ive been looking at the letter templates for full and final offers and am a little confused

it says insert reason for offer e.g financial difficulty

the only reason we have is to pay the thing off

do I just leave this blank or do I have to put something in there

I will be financing this offer from a small pension drawdown i now have access to

any suggestions would be appreciated
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Foggy
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by Foggy » Tue Aug 08, 2017 9:45 am
You do not need to put a reason, but any that you could come up with would lend weight to the arguement ..... peace of mind .. alleviation of stress .. the wish to simply put this behind you and carry on with your lives.
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Michael Peoples
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by Michael Peoples » Tue Aug 08, 2017 10:07 am
Some creditors do like a reason for the settlement offer but as the IVA is so close to the end this is not vital. You could say that the IVA payments are stressful for your wife or you are supporting her so the aim of the full and final is to relieve pressure on the family. I do agree with Foggy that using a pension scheme to clear an IVA could affect your income in retirement so be careful and even consider independent financial advice.
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