Full and Final settlement

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Johns
Posts: 41
by Johns » Wed Jan 27, 2010 9:24 pm
Hi I have been in an IVA 18 months original amount owed was £54000
proposed amount was £39000 paid to date £13184.
Me and wife are currently going through fertility treatment after waiting for 8 years and we are working 11hr days with travelling time.My wife is having too take loads of time off for fertility appointments so this and the IVA is making us very stressed.
We own our house but have no equity in it and really dont want to lose it as we bought this house specifically for having a family.
So we need to end our IVA one way or another by going bankrupt or offering a settlement figure.
A family member has offered us £10000 on the condition that this would settle the IVA.Do you think they would accept the following

Proposed amount £39000
Paid to date £13184
Possible deduction of 4yrs worth of fees £5200
Amount outstandin £20616
Offer £10000

Do you think they would accept this or make us bankrupt as by making
us bankrupt the proposal states they would receive 0 pence in the pound as my would lose her job.

Thanks

 

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Adam Davies
Posts: 14596
by Adam Davies » Wed Jan 27, 2010 9:29 pm
Hi
Well it is certainly worth a try and if they reject then look at bankruptcy. As you have no equity then you should be able to keep hold of your house, if your wife is not in an IVA she could offer the official receiver a nominal one pound plus costs of a few hundred and buy your interest of them.
Good luck
Regards

 

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Johns
Posts: 41
by Johns » Wed Jan 27, 2010 9:42 pm
Thanks for your reply I was wondering as my wife is part of the iva then can someone else offer the official receiver the pound and do you know how much the costs are roughly.
Thank You

 

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Skippy
Posts: 20717
by Skippy » Wed Jan 27, 2010 9:44 pm
Anyone can buy the beneficial interest in a property so that wouldn't be a problem. The cost for this is £211, which is £1 plus costs.

Good luck with your full and final x

 

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Johns
Posts: 41
by Johns » Wed Jan 27, 2010 9:52 pm
Thanks for your reply
Does someone buying the beneficial interest mean that once I am bankrupt there would be no hold on my property?

Thanks

 

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Skippy
Posts: 20717
by Skippy » Wed Jan 27, 2010 10:03 pm
Your share of the equity would be safe once the BI had been sorted out. I don't know how or if your wife's IVA would affect anything, so hopefully one of the professional experts will be along soon x

 

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Johns
Posts: 41
by Johns » Thu Jan 28, 2010 9:19 am
Hi I meant to ask well if we put the offer of £10000 and they say no would we just keep making the payments unless we decided on going bankrupt?
I am really hoping they will accept the offer as its would be the very best solution for us and the offer would mean nearly a 50% return for the creditors is 50% a good return?

Thanks

 

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kallis3
Forum Expert
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by kallis3 » Thu Jan 28, 2010 9:25 am
Hi Johns,

If you are certain that bankruptcy would be the next step if your F&F isn't accepted, then you need to let the IVA fail by missing three payments. This would aso allow you to save up for the fees.

If you stick with the IVA, then obviously you carry on making the payments.

I hope they go for it as well, and I have everything crossed for you.

 

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Johns
Posts: 41
by Johns » Thu Jan 28, 2010 9:29 am
Thanks kallis3 you have been really helpful xxx

 

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kallis3
Forum Expert
Posts: 71966
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by kallis3 » Thu Jan 28, 2010 9:32 am
If you do decide that BR is the way for you, you will get plenty of advice on filling forms in etc., from this forum.
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