F&F Offer Advice

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Si1991

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Post by Si1991 » Mon Jan 11, 2021 11:48 am
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

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Post by Foggy » Mon Jan 11, 2021 12:32 pm
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?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Si1991

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Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Mon Jan 11, 2021 12:47 pm
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

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Post by Foggy » Mon Jan 11, 2021 1:06 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Si1991

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Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Mon Jan 11, 2021 1:13 pm
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

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Post by Foggy » Mon Jan 11, 2021 2:03 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Si1991

Posts: 18
Joined: Mon Feb 19, 2018 11:56 am

Post by Si1991 » Tue Jan 12, 2021 11:04 am
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

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Post by Foggy » Tue Jan 12, 2021 3:52 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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