F&F Offer Advice

[Si1991]

Hello,

Looking to make a F&F Offer to my IP, Just starting 4th Year Now, Currently paying £100.00 PM on a Joint IVA with my recently split partner.

Ideally looking to make an offer to make a fresh start and then re-mortage the house in my name only.

I'm looking for advise on what to offer? Do you include the 6th year such as x36 @ £100.00 PM = £3,600 or just for the 5 years? x24 @ £100.00 PM = £2,400?

We have around £9,900 Equity in the property currently.

Any advise would be greatly appreciated as my Dad is looking to clear this for me.

[Foggy]

Unless you can demonstrate that there would be less than £5k equity it is usual to include the extension months in a F&F. Are you settling both IVAs or are you splitting them?

[Si1991]

Hello Foggy,

I asked Ebengate about splitting them and they sounded like they didn't want me to do that as it would incur more costs and be longer ect? I'm unsure but idealy i would like to pay my own and not hers?

Can this be done easy? I want to sort my credit out ASAP.

I put down £5,500 deposit down on the house and Leeds BS Said i have £9,900 equity so split i'm assuming?

[Foggy]

Ebenegate are an arm of Creditfix and, as such, do things their own way, so are difficult to second guess !

However, you cannot simply pay your half of interlocking arrangements -- they have to be formally split, which does incur some work by your IP.

Even ending early will not improve your credit position until 6 years have passed since the start as the IVA remains on file for that long.

[Si1991]

Would you recommend to just carry the IVA on as we are or ask Ebengate to split it Foggy?

I want to earn more money at work but i would have to pay half of it back to Ebengate.

[Foggy]

If you have the opportunity to make a F&F offer I would always recommend you do that --- if nothing else, as you say, it gives you control over your own earnings going forward.

[Si1991]

I suppose that if it had no benefit anyway of paying it off only that i can earn as much as i would like is there any other potential benefit if i can't gain credit or begin to rebuild it until 6 years?

[Foggy]

Only if you win the lottery or Great Aunt Maud pops off and leaves you her Picasso masterpiece. But it does give you back some privacy and control.