Also while I have been waiting on them to calculate how much I will have to pay ,& free up the hold on the property so I can actually sell it (Its been 7 weeks since I asked them to do this) They have sent me 3 letters saying I am in danger of failing my IVA and being made bankrupt, when I have spoken to them they have told me to ignore the letters as it is just an automated process that they have to go through. I am finding the whole thing very disturbing and I am not sure what they really want to do with me. I dont understand , I can only see that If I am willing to sell off my house and pay my creditors all of the money that I originally owed ,surely that is the best outcome for them also ,so why the delay and the threatening letters, If anyone can shed any light on this I would be thankful.
You could make a full and final offer (rather than a settlement) in which you OFFER to sell up to pay them the total of your remaining payments --- as far as they are concerned if they do not accept the offer you do not sell up. This will cost you far less. However, F&F offers take a while to put together (a couple of months for most firms, up to 6 months for Payplan) so you would have to get the offer in fast to make it worthwhile.
I must say I am most surprised by the fact that a debt relief company who claimed to want to help me pay of less that what I owed over a 5 year period , would turn around at the end and take 15k more than I originally owed, I will have to way up what I could get for the house now and what It might be worth in 6 months time once brexit hurts London a bit . It will be a close call.
By the time a f&f offer is made, agreed and paid will most probably be the end of the 12 month extension.
Good luck x
Payplan can be slow in drafting variations but if you quote the terms and conditions and email their IP it seems to speed the process up.
Lisa Thomas wrote:How have you managed to build up arrears of c£12k and not fail the IVA?
I think that this is a glitch in the accounting software, Lisa. Maybe the £12k is the balance needed to settle (debt, fees and interest, less payments to date) and the computer has got itself in a loop. They have admitted the letters being sent are a computer error, so this figure could be as well.
I recently nearly lost my property...
The council (Lambeth installed new central heating in my flat 3 years ago , I didnt need it or want ,but was told as a leaseholder I would have to pay my portion anyway as I live in a block of flats , some owned and the rest council tenants ) It took them 1 year to figure out how much we had to pay for it. £10,500 was the figure they came up with. Being on the iva meant I had no money to pay them , so I didnt. After another year we started to get some letters saying we had to pay, so I started to pay them £100 per month, out of my overtime money . after a few months they said they were not happy with this , and were going to pursue a CCJ. My Wife and daughter got together on this and we started to pay them £430 a month ( It was during a 4 month period where I wasnt paying my iva , as I was waiting to hear from them to see if I was going to be kicked off of it , over a matter when I had offered to pay them £16,000 as full and final settlement . ( money I had won gambling , unfortunately I had lost it all by the time they got back to me . Hence them seeing what my creditors wanted to do with me. )
Anyway 3 months into paying the £430 , a letter came from the county court, saying they agreed that all we could pay them was £430 a month, and that our 1st payment in this should be made by the 28th of July. Then we recieved a letter from Lambeths solicitor , saying that Lambeth have envoked a clause as they were not happy with the CCJ and we had 7 days to pay them £9,500 or they would foreclose on the lease , and take back the property and leave us homeless and still in debt to the iva. I got as much advice and help as I could ,but it seemed I didnt have any choice. So at the last minute we managed to borrow £10,000 from my wifes friend , with the agreement that we would pay her the same as we would have the CCJ , and the rest as soon as we sold the house. Phew...So I nearly had nothing , no house , no home , no future dream, just homelessness and debt. So as long as my dream of living in Wales and becoming an artist again is still alive , I am reasonably happy , and I also have the burden of knowing we promised to sell the house asap to pay back the £10,000 ....
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