Also would you offer the full amount we have left to pay or would you offer a lower amount? Our contracted monthly payments would only add up to £7,200 as we pay quite a low monthly payment.
Assuming you rent your property ( if you own it there will be equity release to consider -- usually by adding 12 extra payments), a lump sum now will be saving the IP and the creditors a chunk in administrative fees over the next 4 years. So, if remaining payments are in the order of £7,200, you could offer £6k - £6.5k. Obviously the nearer to the full amount the more tasty the treat.
mumof3 wrote:Hi foggy.
We own our own property so I added on an additional 12 months payments.
My parents would be taking out a loan to make the offer, they obviously don’t want to take the loan out if the offer isn’t going to be accepted so I’m not sure how we go about this.
Some lenders will go through the formalities of granting a loan and give you the facility to draw the money if and when needed, within an agreed period. If you don't "cash the cheque", so to speak, you can just cancel.
I need to provide the following:
A written request from you to arrange a variation meeting with your creditors
A full explanation and reasons why the offer is being proposed
3rd party’s name and address
The amount of the offer being proposed
A redemption statement for your mortgage and any other loans secured against your property
Will your IVA contributions be continuing until the variation meeting has been held? If no further payments are to be made please provide and explanation why not.
I’ve just received a statement from mortgage people, do you think this will be sufficient? It has a redemption figure on it.
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