I wish to put forward a full and final offer to settle my IVA. Funds will come from sale of my flat as I move into rented. I recently submitted an 3rd year I&E and awaiting confirmation from IP as to monthly amount going forward. Due to move I am likely to change job and potentially salary but have nothing in place yet.
Do I wait for confirmation from IP for new monthly figure post I&E to put forward offer based on this figure (which I don't yet know) or do I submit based on figure I am currently paying.
My circumstances are at a crossroads and I want a clear and straightforward way to put the timely F&F to the IP and subsequently creditors for consideration.
Grateful for any advice to move forward.
I am afraid that the equity released from the sale of the flat will be payable into the IVA and cannot be used as the source of funds for a F&F, if you simply sell up --- you will also need your IP to give permission as there will be a restriction on your title deeds.
There is a work-around, of sorts: You OFFER to sell the flat, solely for the purposes of freeing up funds for a F&F --- if they do not agree to the offer, then you will not sell. The amount will now need to be based on the new payments, as determined by the I&E, plus 12 months for normal equity release.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you Foggy for information and timely response, you are worth your weight in gold . I understand and note your points. I understand the terms of IVA and my property equity, I just want to make a reasonable offer by means of a variation so I can move on, literally and figuratively in life.
Fri Jun 21, 2019 11:14 amCupcake08 wrote:
Thank you Foggy for information and timely response, you are worth your weight in gold . I understand and note your points. I understand the terms of IVA and my property equity, I just want to make a reasonable offer by means of a variation so I can move on, literally and figuratively in life.
Thank you Cupcake -- apparently thats £3,487,306.59 !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just a word of caution to others, I spoke to a reputable adverse credit mortgage provider. In my circumstances I feel it would now be better to sell and offer a full and final variation based on o/s payments but as part of information gathering looked at a secured loan.
I felt like I had hit rock bottom when asked why I had acquired debt in the first place, why I was currently off work (actually a holiday) and if I could obtain my own credit report and forward it to the mortgage provider in order to 'correct details', I was happy to be open and transparent but it felt prertty shady. It could be the right thing for others but I felt horrible and my failings to manage my finances were enabling others in the finance sector to be making a profit albeit legitimately from those who have already fallen foul of the system. I take full responsibility for my debt, just my advice is don't sink any lower than you have to in order to redeem yourself. Get through the IVA and move on.
As Foggy says - if you sell then any equity will be payable to your IVA. Your credit record will still be shot even if you can finish early.
You will still need to get your restriction lifted before you can sell.
You can check your own credit record for free from Noddle, Clearscore, Totally Money and ask them to correct anything.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Kallis. I am making an offer by variation and the creditors can accept or decline and the IVA and my responsibilities are unchanged. My IP provider are able to give guidance in a non judgemental manner. I have very specific circumstances for doing this. It is a pity that not all experts on an IVA forum can resist moral judgement.
Sat Jun 22, 2019 10:31 amCupcake08 wrote:
Thanks Kallis. I am making an offer by variation and the creditors can accept or decline and the IVA and my responsibilities are unchanged. My IP provider are able to give guidance in a non judgemental manner. I have very specific circumstances for doing this. It is a pity that not all experts on an IVA forum can resist moral judgement.
Cupcake, I am sorry that you feel you have been harshly judged on here. Please can you email me a link to the offending post and will have a look; maddogmulgrew "at" aol "dot" com
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
. I understand and note your points. I understand the terms of IVA and my property equity, I just want to make a reasonable offer by means of a variation so I can move on, literally and figuratively in life.. I understand and note your points. I understand the terms of IVA and my property equity, I just want to make a reasonable offer by means of a variation so I can move on, literally and figuratively in life.
