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by Foggy
Mon Jun 14, 2021 2:46 pm
Forum: Ask IVA Forum and Industry experts
Topic: Reasonable final settlement
Replies: 1
Views: 45

During an IVA you always owe the balance of the original debt, plus fees and possible statutory interest. Getting close to that mark with a F&F offer would put you in good stead with creditors. F&F offers are based on remaining payments, so your creditors are expecting another 36 regular payments of...
by Foggy
Mon Jun 14, 2021 12:31 pm
Forum: Ask IVA Forum and Industry experts
Topic: CF and Equity Release
Replies: 2
Views: 48

This has happened before and with other firms, but, where the calculation method is referred to in the document, that is the method they must use. In such cases others have backed down, but not always where the method isn't included.
by Foggy
Mon Jun 14, 2021 6:51 am
Forum: Ask IVA Forum and Industry experts
Topic: Creditors meeting tomorrow
Replies: 9
Views: 122

Good luck.
by Foggy
Sun Jun 13, 2021 5:49 pm
Forum: Ask IVA Forum and Industry experts
Topic: Paying off my IVA
Replies: 5
Views: 153

There are, I have heard, a few creditors who refuse early exit on loaned funds on principle, but we often see situations where relatives have borrowed the money and these arrangements do often get accepted.
by Foggy
Sun Jun 13, 2021 4:07 pm
Forum: Ask IVA Forum and Industry experts
Topic: Completion with Creditfix?
Replies: 1
Views: 139

Creditfix, for all their faults, used to be relatively fast with completions. You have either encountered particularly obnoxious staff members or something has changed with their procedures. Unfortunately it is their normal M.O to provide several varied excuses for any one action, so it is impossibl...
by Foggy
Sun Jun 13, 2021 4:01 pm
Forum: Ask IVA Forum and Industry experts
Topic: Would I get an IVA?
Replies: 2
Views: 113

You might, but it would not necessarily be the correct solution. At £250 a month it would take around 2 years to pay off that debt in a DMP, assuming interest was frozen and you were with a no fee provider like StepChange. In an IVA, allowing for fees, it would take around twice that. Depending on t...
by Foggy
Sun Jun 13, 2021 1:23 pm
Forum: Ask IVA Forum and Industry experts
Topic: Paying off my IVA
Replies: 5
Views: 153

Your IP would need to see evidence of the amount being available before asking creditors, which could make timing awkward. Your partner would either have to draw the loan before the creditors meeting -- so, if the offer was rejected they would have a £5k loan for nothing. Or, they might be able to g...
by Foggy
Sun Jun 13, 2021 11:51 am
Forum: Ask IVA Forum and Industry experts
Topic: Post of the Month
Replies: 2
Views: 93

Hi All, That time has come around again, albeit a little late this month -- it's Post of the Month One of last months recipients, Cupcake08, has kindly requested that her voucher be converted to food and donated to a Trussell Foodbank. Thank you, Cupcake. A very generous thing to do. Out of the hat ...
by Foggy
Sun Jun 13, 2021 9:52 am
Forum: Ask IVA Forum and Industry experts
Topic: Paying off my IVA
Replies: 5
Views: 153

On the face of it I would think creditors would love an offer like this --- with a payment of £89 a month they are getting very little return after fees, admin costs and time are factored in, so saving a lump of those will be enticing. That said, creditors are fickle things and cannot be second gues...
by Foggy
Sat Jun 12, 2021 4:36 pm
Forum: Ask IVA Forum and Industry experts
Topic: F&F and inheritance
Replies: 2
Views: 174

Is the inheritance in your name ? If so the asset already exists and is now subject to your IVA. So, any F&F offer would be payable in addition to this. That is how I see it applied (remembering I am not trained in any way, so it is just my opinion). However, IP's exercise a lot of discretion and yo...
by Foggy
Sat Jun 12, 2021 9:15 am
Forum: Ask IVA Forum and Industry experts
Topic: Suffering in silence
Replies: 8
Views: 332

Hi Blade. As requested by Kallis, I have sent you her email address to get in contact off forum. The mail comes from some idiot known as Maddogmulgrew *at* aol *dot* com :D
by Foggy
Fri Jun 11, 2021 11:53 am
Forum: Ask IVA Forum and Industry experts
Topic: A complicated one….
Replies: 1
Views: 285

I am assuming the IA was discharged successfully, in which case the creditors have had their chance and can no longer pursue the debts. Defaults should have a 'default date' of around the start of the IVA, so that they drop off the credit files at the 6 year mark. If they haven't you can get this co...
by Foggy
Fri Jun 11, 2021 7:04 am
Forum: Ask IVA Forum and Industry experts
Topic: Can I sell my house?
Replies: 13
Views: 1533

As soon as they circulate the offer to creditors you should be given a date -- around 3 weeks hence.
by Foggy
Fri Jun 11, 2021 7:03 am
Forum: Ask IVA Forum and Industry experts
Topic: Tax rebate to the IVA?
Replies: 7
Views: 332

You would, first, as you say, agree figures with your IP. Then make a manual payment into the account your regular IVA payment goes.
by Foggy
Fri Jun 11, 2021 7:01 am
Forum: Ask IVA Forum and Industry experts
Topic: Final payment?
Replies: 2
Views: 261

£2800 is what the creditors are expecting to see, so should be happy with that as an offer. Was the house excluded entirely and the extra 12 months added on as a result at the start ? On £80 a month, which is as low as you can reasonably go while keeping the IVA viable, there is no room to reduce th...
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