My F&F rejected...

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Deecee14
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by Deecee14 » Fri Jul 14, 2017 8:30 pm
Hello,I have been in an IVA three years and 6months. I offered full and final payment £6500. Balance £6750. Five year term. Offer declined and then informed they wanted additional years payment if I wanted to end the IVa. Making it a six year term. Is this a fair request? some have said this is a ploy to get more money for debt company. Also I have been receiving statement from creditors with no payments during this period of time of the IVA...? Any advice will be greatly appreciated.
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Foggy
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by Foggy » Fri Jul 14, 2017 8:47 pm
Statements from creditors are meaningless -- usually showing nothing of dividend payments, which often go into a dummy account --- the actual account being frozen.

As for the extra year -- have they said why ? Are you a home owner ? It is a fair request if you are and there is likely to be equity to be addressed.

It wouldn't be a ploy from the IP to get more money as the request will have been made by the creditors not the IP.
Deecee14
Posts: 4
by Deecee14 » Sat Jul 15, 2017 11:22 am
Dear Foggy
Thank you for your information it's made me feel much better.
It's been a real struggle.
Yes I am a house owner but as I am over 60 I couldn't remortgage.
I have a family member who is financing this early settlement. They want £10570.00. That for the six year term..
It seems they won't agree any other amount for f&f.
It's causing lots of financial stress as well as relationship. We pay £350.00 per month .
I am on medical retirement pension only partner working..
I won't bore you to much with the probs.
Kindest regards
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Foggy
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by Foggy » Sat Jul 15, 2017 11:50 am
Considering that they are making savings on administration over the rest of the term they are being unreasonable in their demands .... but, unfortunately it is in their gift to be so! In your shoes, I would offer £9,000 - £9,500 ... but it feels as though your IP isn't being terribly supportive either !

Was your earlier offer actually put to the creditors ... do you have a report of the meeting ?

I assume that you were working when the IVA started, so your income would now be reduced .... if this is so your IP should do a review and see about a reductuion in monthly payments going forward .... again, this needs a supportive IP to put your case to creditors.

Might I ask who you are with ?
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luluj
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by luluj » Sat Jul 15, 2017 6:31 pm
Agree with foggy - your IP needs to be supporting you through this and ensuring your I&E truly reflects the changed and current affordability.

I would hope that together an agreement can be agreed.
Deecee14
Posts: 4
by Deecee14 » Sun Jul 16, 2017 9:12 pm
I was on incapacity benefit with a pension. It's a joint Iva with my partner.
There was a meeting and offer put to creditors. They then asked me to up my offer. It really felt like a bidding war..so I didn't up my offer.
When I first took Iva out I had incapacity benefit. The advisor juggled quite a few figures as to accommodate payments as our pet bills were high. Four cats and a dog they only allowed £25.00 for pet costs..
The initial payments were to be £270.00. Then on the day of meeting of creditors to agree IVA they said I had to up my payments to £350.00 foto proceed. Which we agreed to.
I am not getting any incapacity benefit so am £380.00 down on original figure for payment. Which they disregarded.
They then made out the original £350.00 would have to put to creditors to agree again after they declined full and final payment. As if they were doing me a favour.
I dealt with different advisors throughout this process. Which I found very unhelpful.
Apologies for this long winded explanation.
I don't want to disclose who they are just in case the scan these helpful sites.
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kallis3
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by kallis3 » Mon Jul 17, 2017 7:58 am
Hi.

It won't be a joint IVA but an interlocking one. You can get them separated if needs be and settle yours. Could you afford to make payments on your husbands if this happened?
Deecee14
Posts: 4
by Deecee14 » Mon Jul 17, 2017 3:35 pm
Hi
I was told it was joint.
Due to the length of time we have been paying I don't think it's worth splitting it.
Thank you all for the advice. It's been reassuring and appreciated.
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