Extra year

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987654321
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by 987654321 » Thu May 03, 2018 8:47 pm
Hi

I am five years into my IVA that was extended by a year as my ex husband refused to include the property that is in negative equity and has mortgage arrears.

So they have extended payments for a further year.

A family member has agreed to make a full and final offer. I currently pay 142 a month. With 20 months left. How much should I offer ?
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luluj
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by luluj » Fri May 04, 2018 3:37 am
In normal full n final offers it is based on payments left x £/mth paid. You can take a little off for early repayment plys payments made whilst offer being considered.

So in my opinion you would be looking for an offer around £2000 to take into account the the it will take to put offer in and be accepted etc.

Good luck
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Foggy
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by Foggy » Fri May 04, 2018 6:40 am
I agree with Luluj that an offer around £2k would be looked at seriously, considering that there will still be a few more payments made while setting it up.
987654321
Posts: 5
by 987654321 » Fri May 18, 2018 6:19 pm
luluj wrote:
In normal full n final offers it is based on payments left x £/mth paid. You can take a little off for early repayment plys payments made whilst offer being considered.

So in my opinion you would be looking for an offer around £2000 to take into account the the it will take to put offer in and be accepted etc.

Good luck


Hi. My supervisor has advised the person offering the full and final settlement to take legal advice. Do you know why and what the legal advise would be.
987654321
Posts: 5
by 987654321 » Fri May 18, 2018 6:20 pm
Foggy wrote:
I agree with Luluj that an offer around £2k would be looked at seriously, considering that there will still be a few more payments made while setting it up.


Hi

Thank you. My supervisor has advised the person offering the final settlement on my behalf to take legal advise. Do you know if they need to and what the legal advise would be. :) :)
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kallis3
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by kallis3 » Fri May 18, 2018 6:28 pm
Hi.

they should not need any legal advise.
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Foggy
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by Foggy » Fri May 18, 2018 6:53 pm
987654321 wrote:
Foggy wrote:
I agree with Luluj that an offer around £2k would be looked at seriously, considering that there will still be a few more payments made while setting it up.


Hi

Thank you. My supervisor has advised the person offering the final settlement on my behalf to take legal advise. Do you know if they need to and what the legal advise would be. :) :)


They advise you to take legal advice as a means of protecting themselves should you not be happy with the outcome .... if anything goes pear shaped they can say "Well ... we told them to take legal advice"
987654321
Posts: 5
by 987654321 » Fri May 18, 2018 7:11 pm
Foggy wrote:
987654321 wrote:
Foggy wrote:
I agree with Luluj that an offer around £2k would be looked at seriously, considering that there will still be a few more payments made while setting it up.


Hi

Thank you. My supervisor has advised the person offering the final settlement on my behalf to take legal advise. Do you know if they need to and what the legal advise would be. :) :)


They advise you to take legal advice as a means of protecting themselves should you not be happy with the outcome .... if anything goes pear shaped they can say "Well ... we told them to take legal advice"


As in in case the offer is rejected ?
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Foggy
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by Foggy » Fri May 18, 2018 7:18 pm
Hard to guess what they are thinking -- they are just protecting their own backs. It is really a blanket statement backing up that they are giving you best advice (whereas in reality, they are giving you no advice at all!).
987654321
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by 987654321 » Fri May 18, 2018 7:30 pm
Foggy wrote:
Hard to guess what they are thinking -- they are just protecting their own backs. It is really a blanket statement backing up that they are giving you best advice (whereas in reality, they are giving you no advice at all!).


Hi

Thank you. Does the reason they are making the offer matter at all. Is it just to qualify the offer is genuine.
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Foggy
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by Foggy » Fri May 18, 2018 7:42 pm
987654321 wrote:
Foggy wrote:
Hard to guess what they are thinking -- they are just protecting their own backs. It is really a blanket statement backing up that they are giving you best advice (whereas in reality, they are giving you no advice at all!).


Hi

Thank you. Does the reason they are making the offer matter at all. Is it just to qualify the offer is genuine.


The IP has to verify the source of the funds. The reasons for the offer can sway the result in some cases ... the more compelling the better. but many make the offer to simply be able to draw a line under the situation and move forward with their lives.
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