Full and final adjourned

[Phoenix11]

Regarding Max Recovery, I am reading a lot of good posts about them but they seem to be sticking it to me. I have offered a full and final settlement figure to my creditors and Max Recovery have rejected it because I have equity in my property so they think they can get more. Even though I have offered the full amount to clear my IVA anyway.
My full and final meeting is now adjourned for another week. Anybody know if I would be better going bankrupt if they dont accept my offer? Because my brother is giving me the money to settle my IVA as he can see how badly we are struggling.

[kallis3]

If you go bankrupt you run the risk of losing your house so nobody wins and you will probably end up paying into an IPA for three years anyway.

Speak to your IP company again to see if there is anything they can do to persuade Max Recovery.

[Foggy]

How much did you end up offering them? I see from earlier posts you had 34 payments, totalling around £4.8k. You didn't mention in those posts that you had a property .... so, in the event that you wouldn't be able to remortgage, which is possible considering your ages, there would have been 12 more payments added --- which is possibly what Max Recovery are after. If you have the funds you could sweeten them up by adding these 12 months payments to the pot.

[Phoenix11]

Hi, I was advised by Vanguard to offer an extra 12 months payments in the full and final settlement figure. The guy I spoke to at Vanguard calculated this to being £4162 but said £4000 should be fine. All other creditors accepted this but Max Recovery rejected it due to them expecting to get some more from the equity of my house.
Incidently I believe my mortgage will be paid off approximately 6 months before my IVA finishes so may Max Recovery are being greedy and thinking there will be more funds available for the last 6 months for them.

Just wondering if there is some sort of an appeal that I can make or something?

Regards
Andy

[Foggy]

Hi, I was advised by Vanguard to offer an extra 12 months payments in the full and final settlement figure. The guy I spoke to at Vanguard calculated this to being £4162 but said £4000 should be fine. All other creditors accepted this but Max Recovery rejected it due to them expecting to get some more from the equity of my house.
Incidently I believe my mortgage will be paid off approximately 6 months before my IVA finishes so may Max Recovery are being greedy and thinking there will be more funds available for the last 6 months for them.

Just wondering if there is some sort of an appeal that I can make or something?

Regards
Andy

Ah ! Right --- so they are looking at a sizeable chunk of equity being available. They may be being unreasonable, but not greedy -- after all, you borrowed the money and they want as much of that repaid as possible.
There is no appeal process, they are within their rights to refuse the variation and to ask you to stick to the agreements you made when setting up the IVA.
The only possible saving graces are that you have pre-2014 equity release terms (so only have to consider remortgage or extension) or that you will be unable to remortgage, so the extension will apply anyway.

Just a thought .. and a personal question: How old are you ? Most equity release provisions limit the term of a remortgage (if one is available) to the end of the current mortgage or pension age, whichever is the later. If you, like me, are knocking on, a remortgage would not yield a lot anyway and you could use that as a reason to, at least, ask them to reconsider. You have alreay included the alternative (12 month extension) in your offer, it seems.

[Phoenix11]

I'm 58 and my wife is 63 so I doubt I would be abble to remortgage anyway. Some of these debts are like 35 years old too.

[Lisa Thomas]

Have you provided evidence that the remortgage is not possible?