Hi all hope you are all well. I've not posted in a while but have some questions regarding a f&f payment.
Hubby is in an Iva (I'm not) and he only has 8 more payments to go, due to finish Nov (60 mth term), he currently pays £465 a month. we may be able to settle this early as my mum has offered to give us some money. I have read that you should offer the amount of the payments left, so that would be £3720, I also read that it takes about 3 months possibly to sort out.
So I was wondering if he offers this figure now, do you still pay the monthly amount until it gets accepted and if it did take 3 mths would the figure then be only 5 mths of payments, hope that makes sense.
We don't own our home so no equity to worry about
Thanks
Jo
I would imagine the 3 months depends on the company you are with- I put my F&F forward with Creditfix in the February, and got it approved in the March and paid it then, so Creditfix just took off 1 months payment from my offer to balance it out.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Hi Mrs R, he is with creditfix too, so if he contacts them and say he wants to put in an offer now, he still pays April, but they will take that off the offer so in affect paying 6 mths (as only 7 mths left)
Given the amount of time left (and unless there is equity) I would say there are no advantages in doing a full and final.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Yep, that's what I'd suggest, but I would ring and ask them because as LifeNotEasy has stated, you only have 6/7 months to go and they may not put it forward.
When we did ours we were offering to complete it 2 yrs and 10 months early, still always worth a go !
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
I agree with lifenoteasy - by the time a proposal has been drawn up and a meeting called you will be pretty close to the end anyway.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You would have to word your offer so that the amount reduced by each monthly payment made in the interim, or you could end up having to pay the offer PLUS monthly payments while waiting!
Personally I would not bother, it will save about three months, your credit rating will not improve any earlier, could cost you a little more in the long run, and will also add about £500 to the fees the IP gets.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
