Could this F&F offer be accepted?

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clar

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Post by clar » Mon Aug 03, 2020 9:10 pm
I am in year 5 last payment due August 20 and have been advised I need to do a further year to cover House equity. I pay £635 every 4 weeks. My friend is giving me £8000 as a full and final offer, do you think this is likely to be accepted?

luluj

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Post by luluj » Tue Aug 04, 2020 1:22 am
Whilst I think your offer is in range of what would be acceptable I question the value of doing it in the final year.
By the time you have proposed, creditors notified and accepted, payment received and certificate issued you will more than likely be only six payments left to make.

I question whether it would be better for you to continue to pay it monthly and accept offer of help from friend in other ways.

Your credit reports won't be cleared any sooner and can't see the point in getting into £8000 debt now right at the end
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clar

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Post by clar » Tue Aug 04, 2020 6:13 am
I I just want to be rid of the whole thing. The pressure it puts on my mental health is a struggle. I have been on meds the whole time and my gp is wanting me to come off those as they are causing side affects I don't need.

Not sure what you mean by more debt that I'd be putting myself into. Thank you for your reply?

Foggy

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Post by Foggy » Tue Aug 04, 2020 9:58 am
That sort of offer amount will be giving the creditors, basically, what they signed up for, so I see no reason for it to be turned down ( but stranger things have happened). Be prepared, though, it will take 2 or 3 months for the offer to be presented to the creditors and voted on. Then the same sort of period before formal closure. Some firms can, and do, work faster and a few are even slower !

Best of luck.
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clar

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Post by clar » Tue Aug 04, 2020 10:18 am
Thank you for the heads up. I didn't know it would be so long. At least it will be in the right direction.

Its the amount I was nervous about.

Thanks both for your responses good to know I'm not on my own. It's been a heavy burden for me these last 5 years.

lifenoteasy

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Post by lifenoteasy » Tue Aug 04, 2020 12:44 pm
"Not sure what you mean by more debt that I'd be putting myself into. Thank you for your reply?"

I think we are assuming that unless this money is being gifted that you may have to pay this back to your friend.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

clar

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Post by clar » Tue Aug 04, 2020 1:08 pm
I see. Yes that makes sense. No it's a gift from a very good friend. Saddest thing is she lost her mum, which means she can help me out x

kallis3

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Post by kallis3 » Tue Aug 04, 2020 1:13 pm
So sorry about your friends mum but what a lovely gesture.
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