Help with Full & Final offer

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
attheend
Posts: 2
by attheend » Tue Jan 08, 2019 6:08 pm
My newish partner is 9 months into a 5 year I've with aperture, we we r helping to buy somewhere together and have been advised the of a would really need to be cleared to be considered for a mortgage which was really upsetting saving for house, deposit and pay off a loan.

A family member has offered to give us a lump sum to pay off the majority of the debt. We have called aperture to agree and f&f settlement and keep getting different response. Such as no they would just take the payment but he would shave to keep paying the monthly amount for the term. Then yes you can pay off but at the end of the term the creditors can ask for more money. HELP please
User avatar
Foggy
Forum Expert
Posts: 27688
Contact
by Foggy » Tue Jan 08, 2019 6:23 pm
Aperture seem to be giving you duff information ! You can make a full and final offer ( do not use the term "settlement" as this is a whole lot more expensive and a completely different animal) to end the IVA early --- this F&F is usually based on the payments remaining. If the lump sum is accepted the IVA will cease and no further payments will need to be made -- except any PPI or similar refunds you get afterward. They still belong to the IVA.

A settlement is an offer to pay the full original debt, plus fees and statutory interest.

The funds have to come from a third party direct and the source of the funds will be checked.

However, the reasons for a F&F are a little off track. I am afraid that it will be unlikely that any lender will consider you until at least three years after completion of the IVA and those that will are few and far between and likely to charge premium rates of interest. If you wait until the IVA clears from credit files ( 6 years from the start) you will be able to approach more lenders and get High Street rates. With an IVA in the mix it is always better to use a broker with experience of dealing with those with an IVA in their past.
User avatar
attheend
Posts: 2
by attheend » Tue Jan 08, 2019 6:50 pm
Hello

Thank you, yes have been to a mortgage adviser and they said that we could possibly apply 6 months after the debt had been cleared.

But it seems like every time he has called them he is given a different response. Our family member actually lives abroad, but aperture has asked for personal information regarding this person like passport, bank statements etc which again after being offered the help is hard to then go back and ask for more.

Just seems really difficult.





Foggy wrote:
Aperture seem to be giving you duff information ! You can make a full and final offer ( do not use the term "settlement" as this is a whole lot more expensive and a completely different animal) to end the IVA early --- this F&F is usually based on the payments remaining. If the lump sum is accepted the IVA will cease and no further payments will need to be made -- except any PPI or similar refunds you get afterward. They still belong to the IVA.

A settlement is an offer to pay the full original debt, plus fees and statutory interest.

The funds have to come from a third party direct and the source of the funds will be checked.

However, the reasons for a F&F are a little off track. I am afraid that it will be unlikely that any lender will consider you until at least three years after completion of the IVA and those that will are few and far between and likely to charge premium rates of interest. If you wait until the IVA clears from credit files ( 6 years from the start) you will be able to approach more lenders and get High Street rates. With an IVA in the mix it is always better to use a broker with experience of dealing with those with an IVA in their past.
User avatar
Foggy
Forum Expert
Posts: 27688
Contact
by Foggy » Tue Jan 08, 2019 6:57 pm
The personal information Aperture are asking for is routine for third party funds -- under money laundering regulations they have to verify the source of the funds as well as the identity of the donor.
User avatar
Lisa Thomas
Industry Expert
Posts: 7175
Contact
by Lisa Thomas » Wed Jan 09, 2019 9:33 am
Here is my short video on F&Fs:

https://youtu.be/h4dozq9aGak

As regards your girlfriend getting a mortgage, this is highly unlikely until the IVA has finished, she has received her CC, she come off the IVA register and the 6 year anniversary has passed so even if the IVA is finished early it probably won't be of much help as regards getting a mortgage.

There are 2 specialist brokers on the forum, Ryan or Shaun that might be worth speaking to in case there is a way and I am wrong.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 20 guests