Looking for advice about offering a F&F offer.

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jites_uk
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by jites_uk » Sun Dec 31, 2017 8:45 am
I am 2 years into my IVA but recently got a health problem which meant i would have to reduce my hours at work, a friend has offered a lump sum for a FF, my IP has agreed to call a variation meeting and i got a letter today saying it has been fixed for the 7th Feb 2018. My questions are
In the letter today my IP had valued my property online and it showed i have quite a bit of equity to my surprise and this was included in the variation report. Will this affect the creditors decision to accept my offer
Secondly, my biggest debt was sold to PRA group recently, if PRA group has spent more money buying my debt than i am now offering i am afraid they are likely to vote no in the creditor meeting. I joined this forum today and i hope i can get some advice. Thanks
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kallis3
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by kallis3 » Sun Dec 31, 2017 9:05 am
Hi,

I would suggest you have your own valuation done as well and also check to what similar properties have sold for recently in your area. Online valuations are usually higher than High Street agents.

As regards your debt having been sold on, they are usually bought for pence. Your IP seems confident.
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Foggy
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by Foggy » Sun Dec 31, 2017 9:46 am
As Kallis says, debts are often sold on for pence in the pound and the new creditor will have much less to lose than the original one as well as be more likely to be looking at a quick resolution.

House valuations and the like have to be done as the creditors are entitled to the full picture in helping them make up their minds. If the valuation shows close to £5k equity it would, as Kallis suggests, be worth getting your own valuation exercise done, but if the equity is in the tens of thousands probably a waste of time.

Best of luck.
jites_uk
Posts: 4
by jites_uk » Mon Jan 01, 2018 10:05 am
Thanks Kallis and foggy. Will be looking forward to the meeting on the 7th Feb. Hopefully will be my first good news for the new year.
I will keep the forum updated. I told them i will keep paying my monthly payment till after the meeting as i think its only fair

kallis3 wrote:
Hi,

I would suggest you have your own valuation done as well and also check to what similar properties have sold for recently in your area. Online valuations are usually higher than High Street agents.

As regards your debt having been sold on, they are usually bought for pence. Your IP seems confident.
jites_uk
Posts: 4
by jites_uk » Mon Jan 01, 2018 4:14 pm
Happy new year everyone, just as a way of preparing for if my FF get accepted finger crossed. How do i pay the lump sum to them. Will the person who provided the money pay them directly or can they give me the money for me to pay it to my IP
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Foggy
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by Foggy » Mon Jan 01, 2018 4:17 pm
jites_uk wrote:
Happy new year everyone, just as a way of preparing for if my FF get accepted finger crossed. How do i pay the lump sum to them. Will the person who provided the money pay them directly or can they give me the money for me to pay it to my IP


Happy New Year.

It is best for the donor to pay them direct, to give a clear audit trail.
jites_uk
Posts: 4
by jites_uk » Mon Jan 01, 2018 4:21 pm
Wow Thanks foggy for a speedy reply

jites_uk wrote:
Happy new year everyone, just as a way of preparing for if my FF get accepted finger crossed. How do i pay the lump sum to them. Will the person who provided the money pay them directly or can they give me the money for me to pay it to my IP
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