Hi, Looking to offer a lump sum variation through eq release to end IVA early.
I am with Aperture (was moved from Swift) not easy to deal with...slow.
45 months to go of 60.
22p in £ 81% voted. 24K
Actual amount to be paid in total including fees is £30,860 (531x60)
Balance to pay as of 21/6/19 45x£531 £23,895
2 secured creditors £400/month combined no interest) which I have negotiated discounted sums of 20K (was 32k) & 3k (was 6,300).
Total amount 46K. But not considering the 5K extra 12 month rule).
2nd charge lender offer in principle 46k 75%LTV. 10% interest £424 20yrs (same length as mortgage).
So been back in touch with Aperture they emailed this;
“I refer to your Individual Voluntary Arrangement: Refxxxx
The remaining amount in monthly payments is £23,895.00. The creditors are also expecting an equity release at the end of your arrangement if there is equity in your share property over £5,000.00. If this is not possible, then the creditors would add an additional twelve months to your arrangement at the rate of £531.00 per month. This would mean that the remaining amount in your monthly payments is £30,267. It is required that you submit an offer/agreement in principle so that we can confirm where the funds for the lump sum settlement are coming from.”
The lender is currently putting the offer in principle on a formal letter for me to send to Aperture.
So with the additional 12 months payments this takes the total 53K which is 77%LTV which out of the lenders criteria.
Been in new full time 17mnths (own business failed hence debt) no issues that I am aware of about job security. (Would have like to have done a settlement IVA but due to being in job short while and in probation period (6mnths) didn’t meet lending criteria.
Married and joint mortgage etc.
My question is: How best to approach Aperture to try and get the Lump sum of 23K put forward without the add sum 12mth total?
Advice & queries welcome.
The equity release portion is contractual -- the only way to change this would be to include a clause in the variation to either reduce or remove the amount payable. You are within your rights to offer the lower figure, but the creditors are within their rights to refuse. They may take the hit to simply tie up the arrangement --- they will be saving nearly 4 years of admin and they don't like being in IVAs either.
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 appreciated.
Do I just use letter template 6?
Or just email Aperture with the formal 23k offer?
Any other caveats would you suggest to include?
Mon Jun 24, 2019 12:11 pmJay99 wrote:
Thanks Foggy appreciated.
Do I just use letter template 6?
Or just email Aperture with the formal 23k offer?
Any other caveats would you suggest to include?
Thanks.
An email should suffice to get the ball rolling ( I did mine on the phone). You might consider popping in a paragraph to the effect that regular payment amounts made after a given date will be deducted from the lump sum payable --- if you would like this to happen.
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
Hello sure,
The broker is Fluent Money and the lender is Central Trust Ltd.
The representative at Fluent Money was very helpful and swift at corresponding.
I am going to put forward the offer to Aperture along with the email from Fluent Money that confirms where funds are coming and the maximum amount available to offer.
Also I have now received (only took 2 days) the formal offer in principle documents on email. Fluent are just waiting for me now to give them the go ahead to proceed with application with Central Trust Ltd.
Thanks for all advice to date.
Will post any significant updates.
