font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
I'll just bump this back up as I have no idea what you should put down.
Just about to pen a letter for the same thing and find myself with the same dilemma. Is the fact that the money has been offered by a relative a good enough reason for creditors?
Do the creditors see this letter?
The main reason is that I want to be shot of it if the opportunity is there like most people I would guess. I am however considering a career change which if I took the dive would see a decrease in my income meaning I would struggle to make my current payments to the IVA. Would they accept this as a good enough reason beings as I have the choice to not change my career and therefore control over my future income.
I have the opportunity to clear my IVA from a close family friend who has inherited some money and wants to help me pay it off. I am on my third year and have 30k in my property ( I too have the end property clause) but wonder what and how this could progress? do I offer the amount remaining? does my IVA company suggest an amount or do I? how does it work? I can't seem to find these questions and answers in other threads.
If there are no mitigating circumstances that might jeopardize the creditors getting what they signed up for, then an offer near that above would be best.
You could try to reduce it a little based on the fact that they are getting a lump sum ( bird in the hand being better than two in the bush). But, push it too far and they could start salivating over the equity and a lot there will depend upon the exact wording of your equity clause.
Anyway, once you have decided the amount you ask your IP to put forward a full and final offer of £xx. Explain that the money would be coming from a third party and is only for the purposes of a full and final. Should the offer be rejected the monies will be retained by the third party and will not be available to the creditors.
am I right in thinking melanie that they would still want me to persue the equity release on top of the £10k ?
my house is worth £100k and I owe £69000, so the 85% ruling would be say £15k if I was to have obtained a mortgage (but then I wouldn't be paying the extra 12 payments of £292)
(I only have £5500 outstaning in my original plan - and my payments hgave increased substantially due to new job)
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