I am well into my IVA (started June 2014)-due to end June 2020 & I have paid over £21k with credit Fix. They have sent me an email today confirming I owe a further £3051. I currently pay £355 per month. My fiancé has been given a tax refund of just over £4000 and is happy to gift me some money to pay off my IVA. Is it worth doing a f&f offer? I have no ideas how much I should offer if so, or if I should just keep going (I have no financial difficulties in continuing to pay) until next June? Also-how much should I expect to pay CreditFix in fees on top of my IVA?
How much is your fiancee willing to gift you? It takes about three months to sort out a full and final offer but your credit record will still be shot for the full six years. You don't have to pay CF any fees as such - it comes out of your offer.
Personally speaking I would carry on now until the end. Obviously it is your choice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
To be honest, I, too, would just let the thing run. By the time a F&F is accepted you will have less than 6 months to go and ending earlier will not help clear your credit record any faster.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks guys. Only other thing to mention is I do have a mortgage on a property. Will they make me remortgage next year for more money? (My proposal shows I will be paying 80p in the £)
You need to examine your proposal for any equity release provisions ... but, usually, about 6 months before the end of the IVA you need to see if you can release equity, and, if unable to, the IVA is extended by 12 months.
Pre 2014 the options were remortgage or extend, post 2014 they added the options of equity release by secured loan -- you need to check which version you have.
If there is less that £5k equity the clause will not be triggered at all and the property can be ignored --- but you will need to prove this by going through the valuation / redemption figures with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
