Lump sum

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bobbie

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Post by bobbie » Sun May 02, 2021 7:25 am
I entered my IVA in November 2020. I have a friend who is offering to gift me the lump sum, I pay £115pm.
Do you think CreditFix would accept the £6,325 or would they try to get more out me?

kallis3

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Post by kallis3 » Sun May 02, 2021 8:53 am
Is this figure the total for your IVA or your total debts? Do you have the equity release clause if you own your own home? A full and final offer is usually the amount of your payments over the term of the IVA. Your benefactor will have to supply bank statements to show where the money is coming from and also ID. Nothing to worry about, just to check for money laundering.
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bobbie

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Post by bobbie » Sun May 02, 2021 9:13 am
The total of my IVA (approx £6,325 remaining).
My partner is in the USA though, is this doable? My IVA is with Credit Fix, and the whole thing is giving me anxiety.

bobbie

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Post by bobbie » Sun May 02, 2021 9:35 am
Sun May 02, 2021 8:53 amkallis3 wrote:
Is this figure the total for your IVA or your total debts? Do you have the equity release clause if you own your own home? A full and final offer is usually the amount of your payments over the term of the IVA. Your benefactor will have to supply bank statements to show where the money is coming from and also ID. Nothing to worry about, just to check for money laundering.
Sorry- I have no assets etc, the amount mention is the IVA and not the total debts.

Foggy

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Post by Foggy » Sun May 02, 2021 9:59 am
OK -- so you are offering as a FULL AND FINAL offer (not settlement) the amount creditors are currently expecting to get over the term of the IVA. I would say that they would be happy with that ( though you can never tell in advance).
One thing that might put a spanner in the works -- some IVA's have a clause forbidding early closure during the first 12 months, but, by the time everything is sorted, you will be close to starting your second year anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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bobbie

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Post by bobbie » Sun May 02, 2021 10:08 am
Sun May 02, 2021 9:59 amFoggy wrote:
OK -- so you are offering as a FULL AND FINAL offer (not settlement) the amount creditors are currently expecting to get over the term of the IVA. I would say that they would be happy with that ( though you can never tell in advance).
One thing that might put a spanner in the works -- some IVA's have a clause forbidding early closure during the first 12 months, but, by the time everything is sorted, you will be close to starting your second year anyway.
Thank you, so the money coming from abroad shouldn't stop things, as long it meets money laundering rules?
I've checked my paperwork, but can't see anything re early closure during the first 12 months, so fingers crossed.

Foggy

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Post by Foggy » Sun May 02, 2021 10:12 am
Sun May 02, 2021 10:08 ambobbie wrote:
Thank you, so the money coming from abroad shouldn't stop things, as long it meets money laundering rules?
I've checked my paperwork, but can't see anything re early closure during the first 12 months, so fingers crossed.
There should be no issue with the money coming from abroad, within money laundering rules --- but keep an eye on possible transfer and conversion fees charged by the bank as well as the exchange rate.
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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