Full and final offer

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gemma685

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Post by gemma685 » Thu Feb 06, 2020 12:47 pm
I’ve paid about £3000 so far on my iva. I have about £8000 expected equity release and about £6000 of agreed payments remaining.

Would 13k be seen as a generous full and final offer?

Foggy

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Post by Foggy » Thu Feb 06, 2020 1:21 pm
On those figures I am guessing that your payments are about £150 a month with around 40 months left. The usual way to work out a reasonable F&F offer is to offer the amount creditors are expecting.
In your case this would be the regular payments over the remaining 40 months, so £6000. As regards to equity release, there is no guarantee that you will be able to release this 'expected £8000', so a homeowners F&F usually incorporates the only amount the creditors can actually depend on -- the 12 month extension .... in your case, a further £1800.

So they would be looking at getting, in all likelyhood, £7800 over the next 52 months. So the offer could be based on that figure, and even reduced slightly to reflect savings in admin costs over the next 4 years or so. So .... an offer of about £13k will probably see your hand being bitten off !
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

Lisa Thomas

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Post by Lisa Thomas » Thu Feb 06, 2020 2:28 pm
I agree with Foggy. Try £7-£8k instead.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

gemma685

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Post by gemma685 » Thu Feb 06, 2020 2:35 pm
Thanks Foggy!

I hope you mean bite my hand off in a good way!

Foggy

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Post by Foggy » Thu Feb 06, 2020 2:38 pm
Thu Feb 06, 2020 2:35 pmgemma685 wrote:
Thanks Foggy!

I hope you mean bite my hand off in a good way!
LOL -- yes -- in eagerness to accept :-)
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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