Solving your debt ! - It can be done

Kuggers

a2062cad - Thanks for the explanation. Tis the stuff of fantasy for me though.

DotNetter

a2062cad wrote: »

Hi Kuggers,

As it was explained to me, its an IVA where you pay the first payment which is also a full one off payment. There seems to be several different terms for this but the bottom line is that if you are considering an IVA AND you have or can raise enough cash, then an IP may be prepared to put forward a F & F to complete and settle the IVA. Seems like this in practice is done over 2/3 months, instead of 5 yrs.

Mine was a F & F and took about 2 months.

Hope this helps.

Hi there and congratulations on taking a brave step and also on getting a good resolution.

Can you explain a little more how the F & F works? You say in your original post that you owed £100K+ and that it was all secured (I'm assuming on your property).

To get the F & F did you end up having to pay a percentage of that debt and if so is it a standard amount or set on an individual case basis?

Was your home at risk at any point?

Cheers,


Wayne

a2062cad

Perhaps yopuu misread the original. It was unsecured all on C/C and Bank.

Because I was able to find some moneies and re mortgage, the risk to the property became less as a) I then had cash to offer and the relative value to mortage left was less significant.

The dividend I think has some formula to it, so I guess and good IP will know if its likley to succeed or not. Mine was 35p.

Good luck

thewad

How can your property be at risk.
You borrowed on unsecured rates not secured.
Unsecured means just that.

John

a2062cad

John,

THe last repsonse was based on the previous question, was my home at risk.

Of course you know the difference between secured and unsecured, but I think the question was about whether the home would have to be sold.

My point was that in the event I wanted to enter into an IVA at some point (equity available) I would have had to realise cash out of the property, or sell and trade down. If there was no equity, I guess I would have had to consider bancruptcy.

Regards

arneldlayne

What an upliftng and inspiring post - I am torn between DMP and IVA and taking the first step is a big issue for me....I would feel like I was being judged...but reading this and the posts associated with it have nudged me further down the road to ending this seemingly never ending nightmare.

struggler

a2062cad wrote: »

Perhaps yopuu misread the original. It was unsecured all on C/C and Bank.

Because I was able to find some moneies and re mortgage, the risk to the property became less as a) I then had cash to offer and the relative value to mortage left was less significant.

The dividend I think has some formula to it, so I guess and good IP will know if its likley to succeed or not. Mine was 35p.

Good luck

Hi there, great story and I am very pleased for you. A question, was it not difficult to get a re-mortgage ?

a2062cad

Fortunately, I remortgaged just before with a top up. TYhe balance of the funds came from relatives and Life Assurance policies which I cashed in.

a2062cad

arneldlayne wrote: »

What an upliftng and inspiring post - I am torn between DMP and IVA and taking the first step is a big issue for me....I would feel like I was being judged...but reading this and the posts associated with it have nudged me further down the road to ending this seemingly never ending nightmare.

I am really pleased you are on your way. You will feel so much better knowing that you are beginning to control your debt rather than let it control you.

Good luck.