Post f&f offer

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Nickibu82

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Joined: Sat Apr 06, 2019 11:12 am

Post by Nickibu82 » Mon May 13, 2019 11:07 am
Hi.
I have a f&f offer going to my creditors on Friday. If accepted, what happens next? Will my credit still be shot for what would have been the remaining 3 years?
Thanks

Foggy

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Post by Foggy » Mon May 13, 2019 11:57 am
After you make the lump sum paymant the usual closure procedures will start. Depending on who you are with it can take between a couple of weeks to 6 months to produce your completion certificate --- until this is issued you are still in the IVA, although not making payments. Three months after the certificate is issued you will come off the Insolvency Register. Your IVA and defaulkts will remain on the credit files until the 6th anniversary of the start of the IVA, regardless of early closure.
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

Ryan

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Post by Ryan » Mon May 13, 2019 12:19 pm
As Foggy says your credit record will show all the adverse information for the full 6 years so it will still have an impact. Where Mortgages are concerned for instance there are some specialist Lenders who may look to lend before the full 6 years is up but you would require a large deposit, minimum 25 - 30%.

Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

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Nickibu82

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Joined: Sat Apr 06, 2019 11:12 am

Post by Nickibu82 » Mon May 13, 2019 12:41 pm
Thank you both.
I have a mortgage already and tied in for a few years yet. Mainky just weighing up the benefits of paying it off early. Are there any??

Foggy

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Post by Foggy » Mon May 13, 2019 12:45 pm
Benefits of closing early with a F&F are, basically, getting your IP out of your life. Overtime, bonuses and pay rises will be all yours. Any windfall or inheritances after completion will be yours.
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

Nickibu82

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Joined: Sat Apr 06, 2019 11:12 am

Post by Nickibu82 » Mon May 13, 2019 12:47 pm
Fab, thank you. Definately worth it then, fingers crossed it gets accepted!
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