Hi I am in the process of submitting a full and final offer. I am 3 years into my 6 year plan paying £500 a month. My original debt was £32k. I have 17000 remaining. I have a mortgage so in lieu of this my offer would need to be 23k but my mum can only offer 20k do you think this is likely to be accepted by Creditfix. Used to be with Hanover but found out recently this changed to Creditfix.
With most firms I would say that £20k would be worth offering, as you are also saving both IP and creditors form 3 more years of messing around with monthly installments, which cost in administration time and resources. CreditFix, however, are known to be keen on the full outstanding payments being offered, although do tend to still find success with lower offers once persuaded to present the offer to creditors ( smaller offers mean smaller fees, which are often on a percentage basis).
I see that you are adding in the customary 12 months in lieu of equity release --- I assume that you have looked at values and are confident that there is a high probability that the equity release clauses would actually be triggered, giving rise to the extra payments.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
Thanks for the reply, yes i have looked at the values and believe it would be triggered. The exact amount should be 23k but my parents can only afford to offer twenty. I really hope they can take it as my house needs a bit of work doing to it to repair leaks etc and I simply can’t afford to think about these repairs whilst in the Iva. Which I have told them about in the letter for the offer. I’m worried sick I feel as if my house depends on it. Such a horrible situation to be in.