my iva co payplan are preparing a variation due to being unable to remorgage. i have been in iva since aug 06, the variation is for 36 payments@ £450 12 months extra in lieu of equity release, and a further 12 months to cover underpayments due to 2 babies in last 2 years! the total i will be paying back over 3 years is £16,500. my mum has offered to help out with a full and final offer to ease our financial strain of two young growing kids, i was thinking of offering £12.000, plus probably 3 payments till its agreed, £13,350 in total, or roughly 80%, do you think this is likely to be accepted? more than 75% of my debt is now owned by max recovery, what is the procedure for this offer, is a letter from my mum sufficient with a timescale for acceptance or offer is withdrawn? could this offer be included with new proposal being drawn up, i havent received any paperwork back to sign yet, its been 3 weeks since i faxed rejection letters and redemption figures, also are there additional fees involved in new proposal which will alter my figure of £16,500 outstanding?
Are you saying that Payplan are suggesting an extension in your IVA for a further three years? If so, I would definately try the full and final settlement option, and whilst £12k is not as much as £16k you may have a good chance of acceptance.
the original 5 years was up august 2011, plus 12 month extention in lieu of equity, plus a further 12 months to cover the shortfall for 5 agreed missed payments and my payments being reduced by 15% when 2nd baby was born, so 24 month extention, with 2 additional young children and a variable rate mortgage im worried thea well end up having to ask for a further reductionat some stage in the 3 years
Well they will need to include details of your offer within the paperwork they send to creditors, so I am not sure about the advice they are giving you here.
sorry, worded that wrong rushing to go to work and trying to post a quick reply! meant submit details of full and final offer now to be included in the paperwork being prepared for the variation meeting in approx 6 weeks time.
