Aperture and F&F

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SQU02
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by SQU02 » Tue May 23, 2017 9:10 am
Hi, I am 3 years through a 6 year IVA (no property clause as it was handed back to the bank in the 1st year). I currently pay 241 per month - total pay back 17352, so owe around 8676 over next 3 years. My parents have offered to pay a full and final settlement but I am unsure on how much to actually offer Aperture. Also, I'm just waiting from Aperture to confirm my annual review has gone through, and wondered if I offered them a f&f what further information would they ask from me. Thanks.
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Foggy
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by Foggy » Tue May 23, 2017 9:22 am
Hi -- the £8676 is the base from which to work. You should bear in mind that the variation will cost the creditors around £500 in extra fees, but will save them ( and the IP ) a chunk in admin costs over the next three years ( as well as wipe the toxic debt off their books). I have s low offers accepted aswell as hgh offers refused, but would suggest something in the region of £7,000.

They will need confirmation from your parents that they are funding the offer ( also mention in this letter that the funds are for the purposes of a F&F only and, if rejected, they will retain the monies, which will no longer be available to the IVA ). They will also need proof of the funds ( parents bank statements etc.) existence.
SQU02
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by SQU02 » Tue May 23, 2017 10:13 am
So all they should request is a letter from my parents confirming the F&F settlement figure and a bank statement from them confirming that they have the funds?
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Foggy
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by Foggy » Tue May 23, 2017 10:40 am
SQU02 wrote:
So all they should request is a letter from my parents confirming the F&F settlement figure and a bank statement from them confirming that they have the funds?


Usually -- but all IP's have differing requirements and you are obliged to respond to reasonable requests.
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 1:56 pm
Out of interest was one of your creditors NRAM as most (but not all) standard IVAs are for 5 years without the equity extension.

Just curious to understand why yours was for 6?

https://www.youtube.com/edit?o=U&video_id=h4dozq9aGak
SQU02
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by SQU02 » Tue May 23, 2017 2:02 pm
No it was originally with Grant Thornton and then Aperture and it was always for 6 years.
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Foggy
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by Foggy » Tue May 23, 2017 2:13 pm
SQU02 wrote:
No it was originally with Grant Thornton and then Aperture and it was always for 6 years.


Hi --- Lisa was wondering if your mortgage was with Northern Rock (NRAM) --- as they usually ask for 6 year IVA's when the norm is 5.
SQU02
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by SQU02 » Tue May 23, 2017 2:22 pm
No the mortgage was with Bank of Ireland - and it was a proposal of my IVA that the keys would be handed back within the first year of the IVA.
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Lisa Thomas
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by Lisa Thomas » Wed May 24, 2017 8:08 am
Any idea why it was for 6 years? Did one of the creditors insist on it being longer than #normal'?
SQU02
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by SQU02 » Wed May 24, 2017 8:32 am
I never found that it - I was just told when it was agreed that it would be for 6 years.
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Lisa Thomas
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by Lisa Thomas » Wed May 24, 2017 8:40 am
Very strange.
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