not sure if this will happen but i have asked if i can do a f&f payment with a gift from a relative we have less than a year left on IVA the company have said they will do a variation and i was told friday the figure would be £7414 monday they have found another £2500 to add onfrom somewhere! but have said £7000 i can offer for ff would be ok but final amount might be higher due to more charges from them ? does this sound right? also i have a charge on my old house as part of my divorece 12 years ago and my wife is thinking about paying me off so her new partner can move in. iva company said it will take 12 weeks to complete f&f my wife says 14 weeks to pay me off and i will receive a cheque from her so my question what do i do if cheque comes just before i get my certificate or just after it sounds like it will be close ???
This may depend on how the charge was treated at the time the IVA was approved. It may have been excluded and as such what you do with it is your own business but your proposal should give clarity.
I do not understand how a full and final figure can be given as it is an offer from a relative that you are making. Any charges should be taken from the pot and agreed with creditors. Are you paying in full?
no paying what is left on iva we thought it had 10 payments left
they have added extra payments for a 2 month payment holiday and some other items !!!
charge was not put in iva as was not expecting it for another 5 years when my kids had left full time education but there is a clause that if she has someone move in she has to pay me off and my legal fees will be taken out of it for the divorce as well ! this money has been ear markeed for my pension and really worried i will loose it as my ex wife is doing all this and its out of my hands and dont know what to donow ? iva company have said they think the creditors will settle for £7000 as we will pay iva for two more months while they sort it so that wull be another £1200 off the iva
If your IP works fast and has the variation approved for a full and final then in my opinion anything after that is excluded. They could specifically do this in the variation but to me full and final means just that whether or not the IVA has officially been completed.
You need to discuss this with your IP directly and possibly get legal advice as others will take a different view to mine.
ok ty well i understand it as if they except the £7000 which im told they think they will as the creditors will get there money now rather than later anything after i get certificate is mine. my ex wife is paying me off with the money from the endowments which i have been paying for 12 years but were not included in iva beacause it was terms of the divorce that i pay them until either they pay her mortgage off or she has to pay me out due to other clauses in the divorce charge does that affect anything to do with iva ? im so confused as did not expect this for another 5 years and iva would of been over a long time
I am sure your current offer will be acceptable - creditors are being pretty realistic and commercial in the current climate. Does the charge on your property represent part of your matrimonial settlement - ie that your wife would have to pay you out of any resultant sale proceeds or if she remarries or co-habits with another partner?
