Ending Early - offer of 17800 accepted

[ali2201]

Thank you for the info on fees....it’s not clear from what they sent me how it works. Having been there yourself Andy what are your thoughts on my situation??? Because Debt Free Direct are so big it seems impossible to talk to anyone other than a call centre person and that’s not very helpful. Whilst trying my best to sort this out I now find that my income is about to reduce as well....should I tell them that too...will it have any effect on how much they will want for me to end early???? This is driving me mad! Thanks for your input.

[Adam Davies]

Hi
If your income is to reduce then it can only help your offer of a full and final settlement.
You NEED to speak with your IP and you have highlighted one of the downsides of having a large company[affectionately known as a factory]administrating your IVA,it is very hard to speak with a decision maker.You need to be persistent or write in with your offer and details of your reduced income.Having the fourth year equity release,as I,ve said,is your main problem but if you can get your IP to agree then you are in with a chance.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ali2201]

Cheers Davie,

I've just put a call in to Debt Free and am getting them to have my IP call me back to discuss the way forward.

Thank you for your advice....why did I not find this site before I dont know, I think it would have been more help before I entered into my IVA!!

Thanks again.

[Adam Davies]

Hi
There are many people who wished the same,including me when I first started my IVA.
Let us know how you get on with your IP.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ali2201]

Ok had some good news today, my mortgage offer is coming along well and i have now spoken to my IP at Debt Free Direct who thinks my offer will be accepted so he's starting the paperwork! With a bit of luck this will all be over in a couple of months time.
Ali

[Adam Davies]

Hi
Well thats good news
Fingers crossed and let this forum know the outcome
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ali2201]

Hi Just to let you guys know my offer of 17800 was accepted and i'm now awaiting a completion cert. So its all over for me now, thanks for all the advice.

Cheers
Ali

[Lisa2009]

Good luck ali, hubby just had his F&F accepted through DFD.
Hope it all goes well and please let us know.

mrs skint

[Martin2011]

Many congratulations, so love hearing from people getting to the end of this process....great to hear the evidence that it's all worth while....sincerely hope everything is good for you from here on in and that cert drops through your letterbox tomorrow......

Martin

[spenmotherhen]

Hi all

Congratulations Mrs Skint and ali.

I would love to know how early settlements can be made. I approached my IVA company recently to end our IVA by selling our house and making a F&F settlement. The reason for this is we are housed in an addequate home with my husbands job which is guaranteed for the next 15 years, our house which we own and rent out at present is only a two bedroomed house is not big enough for our 6 person family. Therefore we will never move back in.

When we first started the IVA there was not alot of equity in the property, now we have 20k +.

Our IVA company said they had never made a F&F settlement with someone who had started their IVA and has the 4th year clause.

What I can't understand is, why can we not sell now to offer a F&F (we have the 4th year clause) yet we could of released equity at the start and offered a F&F then if we had it.

What is the difference? apart from our creditors could possibly get a higher return if the house prices continue to rise in our area. Surely this is a gamble for the creditors?

How do people make full and final offers when they are in this position?

If you don't own a property where does all the money come from to make a F&F? Any windfalls etc have to be split 50/50 don't they.

I am struggling to understand the whole F&F escape route.

How has everyone else made their F&F settlement?

Thanks for any advise, I hope I have made sence.

[Adam Davies]

Hi
Well Ali is proof that it can happen whilst in an IVA.Maybe you should show this forum to your IP.
Have a look at my article on early settlements
http://www.iva.co.uk/articles/index.asp?id=614
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[spenmotherhen]

Thanks for your link Andie it is very helpful.

Why would my IVA company say they haven't done this kind of settlement before if it is possible?

[MelanieGiles]

Hi there

I find it incredible that your IP has said they have never effected a full and final settlement for a client with a 4th year equity release requirement. Which firm are you dealing with?

I assume that you have a clause which requires you to raise money based upon 85% loan to value. If so, then if you are prepared to offer all of the equity, to counter the loss of future contributions, then this might be acceptable to your creditors.

You will, however, need to demonstrate that there is a need for the settlement, rather than you just wanting to end things early - as you still have to demonstrate a desire to do the best by your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[spenmotherhen]

Thanks Melanie we are with Kingsgate. We are quite happy to sell our house pay off as much as possible and walk away with nothing after all we owe this money. We have the 4th year clasue but it just says upto 75% LTV. If the house prices come down the creditors may not receive much return from our equity in the 4th year compared to settling now. I am hoping I am understanding this correctly.
Thanks

[flozza]

HI Ali2201,

Welcome to this great forum!

I've just been reading your posts and I am in exctly the same situation as you, apart from not being able to speak or get a response from my supervisor! I am also with DFD and have been writing, emailing and phoning my supervisor for nearly five months with no response. The last straw came when I received a letter that said 'Notice of Breach!' I have had to make a contribution and put my house up for sale due to bad health. The people at DFD agreed the less payment and then I received the letter out the blue from my supervisor! I am still waiting to hear from them after sending yet another letter recorded delivery over a week ago. I have now a big envelope with copies of all of the letters and emails sent to my IP for the Complaints officer at DFD. How did you manage to get the call through? Hoping my house sells I can offer them 35p to the £1.00.