www.iva.co.uk

hi... i am currently in an iva with Grant thornton...
total debt approx 36k
repayments are over 60 months at £335.00 plus an extra 6 months at £335.00.
i have paid 14 payments to date totaling £4690.00. GT fees total £7600.00 i have spoken to GT to enquire about a F&F settlement which they say they will put to my creditors. my ? is how much of the £7600.00 fees would i be expected to pay GT in the case of settling early. when i called them the information was a little vague

Hi

By my reckoning the creditors will pay your fees anyway by deduction from your payments.

What are the terms of the F&F settlement? I imagine the total fees for doing the job will ultimately be significantly less than the figure you have quoted given the much shorter time they will have administered your IVA. It will probably be more than a simple pro-rata, however, to reflect the variation.

In any event, I would anticipate that the fees (whatever they agree with the creditors) will come out of the "pot".

By the way, what was the extra 6 months for?

Ian

hi the extra 6 months are instead of equity release, as i joint own my house with my husband who im no longer with.

if i worked it out right;
66 payments@£335.00 = £22110
minus payments made to date of £4690.00 = 17420.00
minus 7600.00 fees = £9820.00 is this the amount to offer in full and final then the adjusted fees amount on top?

or am i totally wrong [?]

Hi
No your about right,the fees will be quite high still,probabaly 4-5k so you will be looking at 14-15k
Regards

thanks ..


am thinking about remortgaging to make the full and final as my fixed rate mortgate will end in a couple of months increasing payments by £200 per month and i dont want the iva to fail.. do i need permission from GT to remortgage?

Hi
You would need to have a mortgage offer in place then a variation meeting will take place.
Discuss everything with GT as they will need to confirm to the new mortgage company that your IVA is upto date
Regards

If your property was specifically excluded from the IVA, and has increased significantly in value to enable a sensible offer (based upon Andy's figures) to be made, then I would think you have a good chance of succes given that both creditors and your IP will get paid a lot earlier.