Joint IVA and saving to offer F&F

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alice
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by alice » Sat May 27, 2017 4:40 pm
Hi. I'm in a joint IVA with my partner. We are about 7 months into it. We're trying to save some money so we can offer a F&F figure. Hopefully it will be about a year and we can offer it. We pay £80 a month for 5 years. Any help would be much appreciated.
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kallis3
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by kallis3 » Sat May 27, 2017 8:05 pm
How much do you owe and how much would you be looking for a full and final offer?
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luluj
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by luluj » Sun May 28, 2017 5:24 am
If your allowances have been set correctly I am not sure you will be able to save enough for a fnf offer unless supported by a third party. Well done if you can though.

At £80 a month and with 53 payments left you would be looking to offer around £4000 now. In a years time around £3000 - based on a 5 yr iva with no equity clause.
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Lisa Thomas
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by Lisa Thomas » Tue May 30, 2017 8:49 am
How are the savings being made?

Most F&Fs come from third party funds.

If your income is increasing or expenses reduced due to changes in circumstances your contributions should be adjusted to reflect this when your I&E is reviewed so you might find you do not have the means to make savings as the funds will be paid over into the IVA (normally get to keep the first 10% of increases and have to pay over 50% of any surplus after that - check your terms).

You might have the 10/50/50 terms in your IVA which would mean you only have to pay extra

You might find this video useful:

https://www.youtube.com/edit?o=U&video_id=h4dozq9aGak
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Foggy
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by Foggy » Sat Jun 03, 2017 6:23 pm
You are on a pretty low payment as it is, so there would be little room for reduction of a lump sum offer. considering also that a variation meeting will add arund £500 to the fees.
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