What do you think a reasonable offer would be ?

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Foxes188
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by Foxes188 » Wed Dec 13, 2017 7:02 am
I am in a Iva with only 2 payments to go when got a letter saying a 6 month review wants are value and a mortgage statement and now they are saying we’ve got another 12 months so I’m looking to leave early what do you think a reasonable offer would be we owe 6000
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Foggy
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by Foggy » Wed Dec 13, 2017 7:51 am
Assuming that by "owe" you mean the amount of the next 14 payments is £6000, your offer has to be based on that amount. By the time the offer gets put to your creditors you will have paid the odd two payments leaving arund a year at £5k - ish left to pay. So an offer around £4,500 would be reasonable.
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Lisa Thomas
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by Lisa Thomas » Wed Dec 13, 2017 3:01 pm
Will the 12 month extension apply to you? Have you had the property valued? How much are your monthly contributions?
Foxes188
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by Foxes188 » Wed Dec 13, 2017 6:27 pm
Lisa Thomas wrote:
Will the 12 month extension apply to you? Have you had the property valued? How much are your monthly contributions?

Yeah our mortgage has gone down and the value of the house has gone up and the equity is around 60,000 cannot remortgage
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Lisa Thomas
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by Lisa Thomas » Thu Dec 14, 2017 2:46 pm
The it would seem the 12 month extension probably applies - check your terms to be sure.

How much are your monthly payments? Multiply this by the number of remaining months (14?) and that gives you your starting point to make any full and final offer as Foggy says.
Foxes188
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by Foxes188 » Thu Dec 14, 2017 7:08 pm
Lisa Thomas wrote:
The it would seem the 12 month extension probably applies - check your terms to be sure.

How much are your monthly payments? Multiply this by the number of remaining months (14?) and that gives you your starting point to make any full and final offer as Foggy says.

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Lisa Thomas
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by Lisa Thomas » Fri Dec 15, 2017 9:24 am
That's what you base your offer on. £5k might seem attractive.
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