Full and final offer amount ?

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  • mwarby
    mwarby Posts: 2,048 Forumite
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    ah missed that bit completely
  • superstevesaints
    superstevesaints Posts: 12 Forumite
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    Hi

    Sorry not sure if I've come across wrong.. my dad is offering a full and final offer to conclude my IVA early, the funds are only available for this use. I only own 25% share of my property and the equity is not 30k. I will have more than 5k of equity so therefore needing to remortgage which I will be unable , plus also with a housing association. So therefore the 12 months extra payments apply. 62 months remaining at 150 leaves the total of 9300. I have sent in an offer of £8500 as that is near the figure, plus the creditors and ip will save on fees for the next few years. I'll let you know the outcome. Thanks
  • DorisTrousers
    DorisTrousers Posts: 548 Forumite
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    When a property is shared ownership with a housing association then it is impossible to raise equity, which is why I asked.

    It should be written into the proposal at the start that the property is excluded, and the IVA proposed at 6 years. I understand that some I.P's do not do this, but for anyone looking in who may be in a similar situation then my advice would be to find an I.P. who would take the exclusion point of view.

    To get back to the point, I think that the offer is eminently fair and reasonable, and I would be surprised if it were rejected.
  • sourcrates
    sourcrates Posts: 28,883 Ambassador
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    superstevesaints wrote: »
    Hi

    Sorry not sure if I've come across wrong.. my dad is offering a full and final offer to conclude my IVA early, the funds are only available for this use. I only own 25% share of my property and the equity is not 30k. I will have more than 5k of equity so therefore needing to remortgage which I will be unable , plus also with a housing association. So therefore the 12 months extra payments apply. 62 months remaining at 150 leaves the total of 9300. I have sent in an offer of £8500 as that is near the figure, plus the creditors and ip will save on fees for the next few years. I'll let you know the outcome. Thanks

    Thanks for the clarification on the house shared ownership.

    With that in mind, then i agree, you stand a good chance of it being accepted.

    It will go to a creditors meeting to decide, good luck with it, let us know the outcome.
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