Full & Final possibility?

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sammi

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Post by sammi » Tue Jul 28, 2020 5:53 pm
We are currently 28 months into our joint IVA. My husbands income has dropped by half (job change due to ill health) but at present he is getting some regular overtime. We are currently paying £384 but we are having to apply for a variation to drop to £230 even whilst adding in £390 to our income as overtime. As this is not guaranteed we have a family member that has offered to gift us some money for a F+F. We have been offered 7K and we are trying to push this to 9K. Does anyone think this would be accepted (even if can only get 7k) or would they decline it and try to force bankruptcy? Our house is approx 80K with 56K mortgage left.
Any advice please as stressing me out with current job climate and uncertainty.
Thanks in advance

Foggy

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Post by Foggy » Tue Jul 28, 2020 7:03 pm
You have to work on 44 remaining payments: Original 60, less 28 already paid = 32. Plus 12 for equity release = 44.

At £384, creditors are looking at getting £16896
At £230,if you can get that agreed, they are looking at £10120, which would make an offer iro £9k more likely to be looked at favourably.

That said I have seen very low offers accepted when the alternative is a failed IVA --- contrary to popular belief, creditors do not like to see IVAs failed either !

They are not going to be keen on 'forcing bankruptcy' --- even with the equity you have available, at around £24k, most of this would be lost in fees etc., so will get them very little, if any, return.
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

Scottiedogz

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Post by Scottiedogz » Tue Jul 28, 2020 9:16 pm
Thanks so much that has put my mind at ease a little.
We'd rather offer something now rather than it fail if overtime stops. :)😃

Scottiedogz

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Post by Scottiedogz » Tue Jul 28, 2020 9:24 pm
Does anyone know what details and paperwork we will need to show for the payment?
I know we need a letter advising it is a gift but not sure if need bank statements and if so how far back they need to be. :?

Foggy

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Post by Foggy » Wed Jul 29, 2020 8:05 am
Tue Jul 28, 2020 9:24 pmScottiedogz wrote:
Does anyone know what details and paperwork we will need to show for the payment?
I know we need a letter advising it is a gift but not sure if need bank statements and if so how far back they need to be. :?
They will probably need evidence of the ID of the donor as well as evidence of the existnce of the lump sum (donors bank statement -- which can be redacted). This is for money laundering regulations, but it's application isn't 100%, it seems.

In view of the reasons they might do a review, in which case they will require (probably) three months wage slips and bank statements.

Once you have set the ball rolling they will ask for whatever they require.
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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