Advise please Melanie for f and f settlement

[james.c]

Hello

I am hoping Melaine can help me out, as Melaine is aware of some of my history.

Now the twins have been born, I have now moved in with partner, as she as given up work for the next three months she will be on the sick pay of £112 per week, then nothing for 2 months and then she is going back to work for 2 days a week.

So basically what we have saved from joining two houses together etc, as gone in more money needed for 2 babies and my partner not getting paid as much, but can still just afford to pay the IVA and would do when she went back to work.

But she wants me to get rid of the iva, her fixed mortgage finishes in August so she is talking to her FA about a new one and borrowing a bit more to pay of my IVA, which he as said is not a problem, he already as a mortgage agreed in principle.

I have 43 payments left, i pay £349 a month, which is £0.47p to the pound and i think i originally owed £28k.

I want to make an offer of about £11k, and if we have to puch it to 13k.

I have just phoned Accuma up who deal with IVA, they have told me to put it in writing, they will have a look at it and if they think its a good offer they will put it forward to my creditors, they said they will even tell me if they think the offer is too much. I explained my outgoings are going up with cost of the babies and i have no house that i won, no money, so i think i am a good postion to offer creditors a F and f settlemet.

However i told them a white lie,i said my Dad was giving me the money.

They said if they think its a good offer, they will require ID from my Dad and proof were the money is coming from, he has enough money in the premium bonds, as proof he said if we needed.

I now have to confirm everything in writing to accuma but i have these questions first -

1 - Is 11k the right amount to offer or is too much or not enough?

2 - Should i come clean were the money is coming from or do i leave as it is ? If I come clean will it cause any problems ?

3 -I have this thing written in my IVA that i can not make any offers until 24 months as passed, is this going to be a problem?

Regards

James

[indebtforever]

remember you are going to save 3 + years of fees it will say in your report what your are charged per annum

[james.c]

yes i know, i worked out how much i would pay over the remainding months, then took away about £1000 for every year paying of early, due to the fees i would save.

[indebtforever]

i think the 11k is what they would round about recieve anyway had it run its course they are getting their money nearly 4 years early also. If it was me( i am no proffesional) 8k would be the offer but melanie will be here soon[:)]

[james.c]

I agree with that, but i dont understand why they would accept £8k, when they could get £11k, because even giving them the money early, they would not earn £3k in the years in interest.

How ever i do hope you are rights at £8k.

[indebtforever]

most of your debts have probably been sold on for 10p in the pound like mine. yes i agree the more you offer the more chance but who knows you may get lucky you will never know if you go in with 11k [}:)]
i have seen some crazy offers that were accepted on this forum but take more opinions from others then your ip .I think your stumbling block might be variations within the 2 year period.

good luck

[MelanieGiles]

Accuma will undoubtedly want to charge fees for proposing the variation for you, so an offer of £13k may be more acceptable to them and your creditors.

If you have the 24 months no variation provision, my own legal advice on this states that you cannot contract out of a statutory requirement, and it is a statutory requirement to allow IVAs to be varied - so in other words that provision would simply not stand and is unlikely to be of great issue to the creditors who are included within your IVA.

James - you must be honest about where the money is coming from, but you can legitimately say it is from a friend and get your girlfriend to confirm her offer to you in writing. There should be no need for her to provide ID information, but also no need to withhold it either!

Good luck and do let us know how you get on.

[james.c]

as always thank you for your advice Melaine

[jpj]

I would just ask Accuma for a settlement figure,instead of worrying how much to offer..thats what i did and my IP gave me one no probs!

[james.c]

Accuma told me to make them offer, but i will write them a letter and ask them the question.

[jpj]

If Accuma are advising you that they will tell you if the offer you make is to high or low, then they might as well just give you the figure anyway!!

They can easily calculate the figure they know will probably be acceptable to your creditors.