How much would you offer as F+F

krs77

Hi

Have to keep this short but we only have a few months left on our IVA, equity in the house that they are expecting is £5000 but we can't remortgage, if they added 12 month extension they would only recoup approx £2500 how much would a reasonable offer be for a F+F do you think, have a slight poss of borrowing from the 'Bank of Mum and Dad'!!!

FoggyBrain_2

A lot depends on what your original proposal said about the equity. Many older proposals made a pledge of a minimum dividend or amount released from equity. If yours was just an estimated amount or made no reference to a specific amount released, then, yes, they would likely go for the 12 month extension. So... they would be expecting £2500 over 12 months ..... maybe £2000 now would appeal to them better. However, if you PROMISED them £5000, they might not be so happy .... and could possibly go for a 2 year extension. As I said, it all hangs on the original wording in your proposal.

krs77

Hi
There were no amounts specified in our original proposal, just the equity clause, no promises given to any monetary amounts

FoggyBrain_2

Cool krs --- that's a plus.