www.iva.co.uk

Hi All,

Well after several months of struggling to maintain outgoings and IVA payments, missing May & Junes payments to IVA and a return to medication to relieve anxiety, I finally plucked up the courage to speak to my brother and reveal all.

The consequence, my brother as agreed to offer me £5k for a F&F.

Spoke to IVA company and need to send a letter explaining the situation, with a letter from my brother offering the money and his proof of identification.

They said it will take 2-3 months, and by that time I would still have roughly £5400 left to pay up to the 5 year period. I have the equity clause but currently £9k in negative equity.

Does anyone know what else I will need to provide to my IVA company for them to compile the information for the F&F meeting?

Fingers crossed........

Hi, what a wonderful brother you have. You've probably considered this but it may be an idea for your brother to mention in his letter that the money is only available for a sucessful full and final offer.

£5k offer sounds a realistic one and one that I would hope your creditors snap up.

As Lesley says ensure your brothers letter states it will only be made available for you for the purpose of ending your IVA - fingers crossed for you this will work out.

Best wishes.

Good luck. Let us know how you get on

Well just sent the letter to offer the F&F, so fingers crossed!

I calculate that I have £5444 left to pay in and by the time the meeting is held £5069, so hope the £5000 is accepted.

I have the equity clause but can't see there being the required equity by month 54. I also had a modification to introduce extra money when child maintenance reduced, but I can see me paying this until my daughter is 20, so it wouldn't have introduced a lot more.

Feeling just as stressed as when the proposal was being drawn up

Good luck from me and remember you've got the forum to help you through this, even just for a natter x

Great brother you have !

Thanks Lesley, yes this forum has been invaluable and I'm sure what ever happens I'll saty around.

My brother has been great seagulls, but having to come clean to him was one of the most stressful periods of my life. I'm deeply indebted (sic.)

I think that this may be everything that your IP will need - but if I were acting then I would want confirmation of the property's current value and an up to date mortgage redemption statement.

Thanks Mel.

At the moment my property is worth (Zoopla) £80-85k, but I'd expect a forced sale valuation to be around £75k mark.

Currently owe approx. £73k combined mortgage and secured loan with 3 years to month 54. Can't really see there being any equity at that point or it will be very close. Is this how you would view it?

Thanks.

Just an update, my IVA company contacted me to say that they are holding a variation meeting on 17th September to offer the full and final settlement. They said it seems to be a good offer and hopefully my September payment could be my last.

Fingers crossed x

Fingers crossed for a positive outcome

Good luck for the 17th September

We are keeping everything crossed for you

Many thanks Foggy and Kelly.

Think it's going to be a slow countdown now till the 17th, but if it goes in my favour, I can start to live again (within a budget of course!).

Good luck for the 17th Loads a Debt and really glad to read you'll be staying around on the forum.