The irony of this is had Payplan completed the income and expenditure diligently it should have shown that my expenditure had increased and my income remained pretty much static.
I have agreed to pay £4000,00 as a full and final settlement. I have paid £5,924.90 so far. In total this will be 22 pence in the pound of the original debt.
The property that I own jointly with my partner is valued at £150,000.00. and the mortgage is £127,994.31. As such there is not enough equity to consider bankruptcy.
In your view what do you think my chances are of the offer being accepted?
If the offer is not accepted what are the other options considering bankruptcy might not be an option?
I do not understand your comments about having little equity in the property to consider bankruptcy --- that is normally a god thing as it means the OR would have less interest in the property and less risk of you losing it. However, any risk of losing the property is, I assume, to be avoided. Low equity makes it less likely that the creditors would press for BR, but it would not necessarily stop you from declaring yourself BR. You need to take independant professional advice.
Other options will depend on the outcome of talks with PP concerning the present difficulties and then the whole picture, to which we are not privvy.
You may need a payment break to catch up with the arrears (if they are correct). This will extend your IVA but worth it as you get to keep your property.
Where is the £4k coming from to fund the offer you have made?
It sounds to be that you were only giving them 3 months worth of income details and perhaps the overtime/extras were included in the other 9 months that they did not look at originally.
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