My boyfriend gave me a gift cash so I can pay my IVA in full

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teresita871
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by teresita871 » Sun Sep 24, 2017 11:36 am
Hi I have 12 months left on my IVA I'm paying 120 a month , I'm currently over 3 months pregnant and my boyfriend gave me a gift cash so I can pay my IVA in full before I start my maternity leave.. please I need some advice what to do and how much I can offer them .
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luluj
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by luluj » Sun Sep 24, 2017 11:54 am
You will always owe the original full debt plus IP fees.
How much was your original debt ?

With only 12 months to go you may find it more financially beneficial if your boyfriend kept his money and used it to support you and the baby in 6 months time. By the time you offer a full and final and it is put to creditors then hopefully agreed you will only have 6 months left.

Just my thoughts but feel your boyfriends money will be spent more wisely on you and the baby
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kallis3
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by kallis3 » Sun Sep 24, 2017 12:11 pm
Bear in mind as well that by the time a meeting has been called a few more months will have passed so probably not worth doing. As luluj says, better to concentrate on the baby. You can always use some of the money to pay your remaining payments when you go on maternity leave.

Congratulations by the way!!
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Foggy
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by Foggy » Sun Sep 24, 2017 12:20 pm
Your creditors are looking at getting another 1400 or so (assuming you rent your home -- if you own it there might be another 12 months payments to make).

Now, if you go ahead with a full and final offer of around the 1400, you would have to move fast as it can take a few months to arrange ( if you are with Payplan, maybe 6 or more!) so it might not be feasible. Also -- your boyfriend should hang on to the money and pay the IP direct as these should be third party funds.

The amount will need to be close to the 1400 as there is not enough time for creditors to benefit from any time / administration costs savings.

As the others have mentioned, it might be better if your boyfriend simply helped you with day to day costs or the regular payments until the IVA finishes naturally.
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teresita871
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by teresita871 » Sun Sep 24, 2017 12:33 pm
Thank u all for the advice , to lulu my total debt was 9400.. and I have been paying for the last 4 years of 120 a month ... and I have a 12 months left to finish.. I don't own any property a part from my car and it value around £300 .. I was just thinking if I pay it in full to finish early so me and my boyfriend can apply a joint mortgage.. I don't really know how's the IP work..
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Foggy
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by Foggy » Sun Sep 24, 2017 12:50 pm
teresita871 wrote:
Thank u all for the advice , to lulu my total debt was 9400.. and I have been paying for the last 4 years of 120 a month ... and I have a 12 months left to finish.. I don't own any property a part from my car and it value around £300 .. I was just thinking if I pay it in full to finish early so me and my boyfriend can apply a joint mortgage.. I don't really know how's the IP work..



Finishing early will not really help with the mortgage -- the IVA will remain on your credit files for 6 years from the start regardless. It might be an idea to have a word with Ryan and / or Shaun, two whole of market brokers who have experience with adverse credit applications, who have both helped many forum members get mortgages after their IVAs. Their details can be found under the "Quick Links" tab above (top left) and then under "The Team" on the drop down --- they are towards the end of the list in yellow
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teresita871
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by teresita871 » Sun Sep 24, 2017 1:07 pm
Foggy wrote:
teresita871 wrote:
Thank u all for the advice , to lulu my total debt was 9400.. and I have been paying for the last 4 years of 120 a month ... and I have a 12 months left to finish.. I don't own any property a part from my car and it value around £300 .. I was just thinking if I pay it in full to finish early so me and my boyfriend can apply a joint mortgage.. I don't really know how's the IP work..



Finishing early will not really help with the mortgage -- the IVA will remain on your credit files for 6 years from the start regardless. It might be an idea to have a word with Ryan and / or Shaun, two whole of marlet brokers who have experience with adversections,ho have both helped many forum members get mortgages after their IVAs. Their details can be found under the "Quick Links" tab above (top left) and then under "The Team" on the drop down --- they are towards the end of the list in yellow


Thank you foggy for your advice .. it really help.. :x
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Michael Peoples
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by Michael Peoples » Mon Sep 25, 2017 9:00 am
Your credit file will not clear up until six years have passed from the beginning of the IVA so an early settlement will not be a huge help. However, it may still be worth offering something now to get the IVA over and done with and a thousand pounds should be enough. We call our variation meetings quickly as do some other firms so depending on who you are with the IVA could be over soon.
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