www.iva.co.uk

F&F Variation Meeting this week - GULP!!

Hi Folks - Firstly, thanks for great depth of knowledge, reassurance from all the Forum peeps.

I have a submitted offer for a F&F (IP PayPlan) scheduled for this week. Offer is in (3rd Party offering is my Father).

Thoughts on success - comments welcome!

Facts:
Total Debt: Approx £89k
IVA started in Aug 2017 with initial repayments £620.00 which has increased over the course to £690.67. So initial total to repay £37.2k
3 x Payment Breaks to date so a total repaid thus far is £19,832.00 (includes some minor PPI & Overtime payments).

I have a property which is jointly mortgaged with my partner who is NOT in an IVA.
Approx Value: £183k (valued via Mouseprice which my IP initially used).
Mortgage: £152k
I have used the cool Debt Camal Calculator which estimates this being under the £5k equity.
Q1: Does this auto mean that 12 months is added? Section 1.9 of my paperwork really refers to the additional 12 months if equity is +£5k. Maybe my poor interpretation!

So, depending on the above 12 month Q, I calculate the following:

32 monthly payments to month 60:
690.67 x 32 = 22101.44
Or
44 monthly payments to month 72:
690.67 x 44 = 30389.48

Now to my offer, which is £20,000.

The initial dividend to creditors at the outset was 29p/£, my IP has stated that my offer is now calculated at a final dividend of 35p/£.

So ... Q2 ... what’s the thoughts of this being accepted?

I presented a commentary to creditors for reasons for ending the IVA which were a mix of Family/MH relationship toll of being in the IVA which also heavily restricts my career (I’m a frontline key worker) so my vetting has been drastically reduced and has directly impacted on any lateral or promotion opportunities. I have no ill heath but can honestly say my attitude and behaviour to money is unidentifiable to what it was prior to the IVA - so I am grateful.

Thanks in advance for comments -
Roll on Thursday PM!

Personally I think you will be ok.

Good luck!

35p in the pound is a healthy return for creditors, so the offer looks sound. If the creditors accept the mouseprice valuation and the IP accepts the DebtCamel equity calculation, there would be no release to consider --- however, IP's are increasingly using a different method of calculation by re-interpreting the clause away from it's original intent which, strangely, captures those who might not have been captured the traditional way !!

Anyway -- that all said, the offer looks reasonable and I wish you success.