Questions about my iva

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andreea

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Post by andreea » Sat Mar 13, 2021 6:25 am
Hello,
After going through different posts, i still have some questions and wondered if someone can help out.
I started my IVA almost 1 year ago (plenty to follow...5 more years) – £100/month x 60 months – a total of £6000
If my mother will give me the money as a gift next year (so 2 years will be paid off in the meantime) but she lives abroad, what document will I need from her? Would a hand written letter be enough? In this time my parents will same the money and just give them to me as a gift.
The next step would be to ask the company (Jarvis in my case) for a full and final figure, correct? At that point, remaining debt would be £4000. What would be the amount I should offer to settle and close my IVA? Also, in the above case, my credit record / credit score will still show an IVA for the next 4 years?
Would I have any chances in getting a mortgage before the '6th anniversary' ? I mean, does it worth paying off this amount in advance? Does it help in anyway, of course besides the fact that the IVA payments and annual reviews will be over, which will be a great thing anyway.
Thank you in advance

kallis3

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Post by kallis3 » Sat Mar 13, 2021 9:53 am
Hi,

Your parents will need to provide bank details plus a letter to explain that they wish to pay the money across (to do with money laundering). Money would need to be paid by your parents as any gift will just be swallowed up in your IVA and a letter explaining that it is only available for a full and final and would be withdrawn if not accepted would have to be sent across. Do you have an equity clause which means you have an extra 12 months to pay if you cannot remortgage? If so, that has to be factored in.

Your IVA will show on your credit for the full six years regardless of when you pay it off.
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Foggy

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Post by Foggy » Sat Mar 13, 2021 11:07 am
Jarvis do not supply the amount required --- for a full and final, this is simply based on the remaining payments. So, you agreed to 60 payments of £100. After two years you will have 36 payments left (assuming you rent and are not a home owner) = £3600. I would offer £2500 - £3000.
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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andreea

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Post by andreea » Mon Mar 15, 2021 2:23 pm
Sat Mar 13, 2021 9:53 amkallis3 wrote:
Hi,

Your parents will need to provide bank details plus a letter to explain that they wish to pay the money across (to do with money laundering). Money would need to be paid by your parents as any gift will just be swallowed up in your IVA and a letter explaining that it is only available for a full and final and would be withdrawn if not accepted would have to be sent across. Do you have an equity clause which means you have an extra 12 months to pay if you cannot remortgage? If so, that has to be factored in.

Your IVA will show on your credit for the full six years regardless of when you pay it off.
Hi Kallis3,
Thank you for your message. My parents do not live in UK so not sure how a bank statement will help out. They would save these money from their pensions through the entire year and then just send them to me either by bank transfer or in hand if i will be able to go home in holidays in this time. Of course a hand written letter can be provided, mentioning the money are a gift. I am not a homeowner so not sure about the remortgage question . I do not have an equity clause.

Thank you

andreea

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Post by andreea » Mon Mar 15, 2021 2:25 pm
Sat Mar 13, 2021 11:07 amFoggy wrote:
Jarvis do not supply the amount required --- for a full and final, this is simply based on the remaining payments. So, you agreed to 60 payments of £100. After two years you will have 36 payments left (assuming you rent and are not a home owner) = £3600. I would offer £2500 - £3000.
Hello foggy,
Thank you for reply. Yes, i am renting and not a homeowner. I will keep your suggested amount in mind. Thanks a lot

Foggy

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Post by Foggy » Mon Mar 15, 2021 2:32 pm
Your parents should not give you the money --- your IP will need to see bank statements showing the money in their account. If they give it to you it could be looked at as a windfall and would have to be paid to your creditors anyway.
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

luluj

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Post by luluj » Wed Mar 17, 2021 2:25 am
A hand written letter could be seen as insufficient evidence and as others have said your parents will need to provide bank statements to show money in their account which when approved by your creditors can be sent electronically to your iva provider directly.

Unlikely a mortgage until the 6th year anniversary unless you are able to put a substantial deposit together
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