Having had a very good conversation with our IP today we are looking at the possibility of offering a F&F through sale of 2nd property.
We are approaching month 60 and want to offer something in lieu of an additional 12 months.
We will have between 8-12K equity in said property and we will owe £3000 (12x250) - so looking at offering £5000 to settle the IVA early. We would also like to say that if we got towards the top end of the valuation the remaining would be ours to do home improvements and/or buy a second car (for work).
As long as that is the basis of your offer and you will only sell if accepted, it looks a good one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
We have accepted an offer on the property and have started the ball rolling on the F&F offer. We have gone with the 12 months plus 50% figure.
Re ‘why are you selling’ - were not landlords by any stretch, don’t enjoy having it and it’s a bit of a burden to be honest.
We know it’s potentially over the minimum of what would be accepted, but we are of the opinion that if we are in a position to offer the Creditors a bit more, we should...ethically. Mad, perhaps, but we want to end this journey with integrity and start our new life the right way.