Marvelous news! full and final accepted

[godfrey]

Hi,We have been in our IVA for almost 2 years paying £634 per month with an equity release clause in year 4 - original debt was in the region of 100k but according to the this year's ip review actual amount outstanding now is £88k (assume some creditors did not claim plus deductions for what we have alrady paid to date. I am now hoping to make a F&F as we do struggle a little each month and would like this cloud lifted from over us. Have been in contact with a company called Gains Park Mortgage Centre who seem helpful. They have suggested a remortgage making a F&F of £25k based on my current house value of £160k, outstanding mortgage of £105k. We currently pay £780 p/m on our mortgage and the new mortgage will cost £860 so we will be saving over £500 per month.

My advisor seems to think the F&F is reasonable but I am wondering if he is being too optomistic. My IP (accuma)seem to be playing hard to get and are not responding to any contact made by my advisor despite having my consent. Has anyone out there had a similar experience to mine and can give me some hope that this will actually work!

[Sadsack]

Hi Godfrey

As someone who is dealing with debt, I am unable to give you any specific answer but I am sure someone will be along to do so.

What was the minimum return p/£ that your creditors asked for? Based on the figures that you have given - you have paid £15k into the IVA and have equity of £55k. Any reasonable offer (in my opinion only) would be considered, but as far as I understand it, creditors would want a return of at least 75% of the equity in the property.

As I said, I am sure someone will correct me if I am wrong.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Andrew Graveson]

Hi Godfrey,
It certainly can and does work.
Others have had difficulty getting a commitment from their IP on an amount that they feel will be acceptable to their creditors in F&F settlement. I'm sure if you are persistent Accuma will respond to you very soon.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[tracy.h]

Hi Accuma do sometimes post on here,hopefully they will respond.

Tracy

[Lisa2009]

We had loads of probs trying to get hold of hubby's IP untill Melanie told us to find his email address on the insolveny website.
Got a reply the following day [:D] and now somebody replys immidiately as we email......happy days

[jpj]

Just fax them direct asking for a settlement figure!

Not sure if Accuma are allowed to discuss your IVA with your "advisor" unless you instruct them...for all they know your advisor could be anyone!

[MelanieGiles]

I think that you have little chance of success - either with your IP or the creditors. There is little prospect of either of them allowing you to retain £500 per month and offer a short settlement now. Whilst this may seem harsh, creditors do expect you to continue to make best efforts, and if you are struggling to make the payments perhaps a variation of the original terms is more appropriate.

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

[Adam Davies]

Hi
I would doubt that your proposal will be accepted.
Your creditor will get that lump sum and probably more in year four plus another two years IVA payments,why would they agree to a full and final now ?
Why would your creditors not want the £500 that you are saving each month ?
When you have the fourth year equity clause a full and final is more difficult,unless there is an underlying reason for it[reduced income,sickness etc etc]
Let's hope I'm wrong
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

[Adam Davies]

Where did your post come from Melanie ??
Wasn't there when I started my reply !!

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

[MelanieGiles]

People will be accusing us of being the same person now as well! Or two saddo's that have nothing better to do on a Friday night! I've got one eye on the forum and one on the rugby at the moment - a very electric game if I have ever seen one!

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

[godfrey]

Thanks everyone for the reply. I completely see the experts point but neglected to mention in my first post that our circumstances are about to change. My elderly parents currently provide our child care which allows me to work part time but they are both in ill health and now registered disabled and it is apparent that they cannot continue to care for my children for much longer therefore a first and final may be the only option as I will shortly have to significantly reduce my hours and thus my salary or give up work altogether to take care of my children. My advisor has spoken with my IP who seems to think that the offer may be viable and I have today put it in writing. Fingers crossed. Will post again with outcome.

[MelanieGiles]

OK - If we had know that information in the first place our replies would have been different.

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

[Adam Davies]

ditto

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

[Soulgrowth]

Melanie and Andy seem to be the new Morecombe and Wise!!!

Good luck Godfrey ... welcome to the forum and keep us posted as to developments as there are a few of us here in the process of hoping to offer F&Fs

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[MelanieGiles]

So long as I am not the short, fat one with hairy legs!!!

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