help ! f&f due to family issues !

LISAP_3

hi there, i currently have 20 months left on my iva currently paying £492 pm into my iva, however my husband is turkish and due to family issues in turkey we are having to move back there and not sure for how long we will need to be there. Very close friends of ours have offered to pay £3000 to lend for f&f, they may be able to sqeeze up to £4000. The issue would be that i would not e able to work there straight away and therefore am concerned that we cannot keep up the payments when we move. The only option i can see at the moment is to offer f&f. does this seem a reasonable offer ?? thanks in advance

LISAP_3

i have got my paper work out ready to draft my letter for f &f offer. My original agreement states that over the term of the iva i would repay into the iva £14880, i have calculated that so far with increased contributions, we have paid so far £10324. I am hoping that a f&f of £3000 would be accepted, as we will need to go out of the country for the foreseeable future. Please could someone advice if it is a reasonable offer x

DevCoder

An alternative is you have 9-10 months of iva payments in the 3-4K you can borrow, why not use that as an option if you think you can get work within that time period.

Whilst it could be considered an agreeable offer, completing your iva is a slightly less horrendous mark then a partially satisfied iva (although we are talking horrendous credit rating in either case anyway).

For the sake of an extra 1K and a completion of the iva, I would be tempted not to go down the route of getting your creditors backs up.

I guess you could try f&F and if its met with resistance then the above can be option b.

UpToMyNeckInIt

Hi LisaP,

I think your offers sounds reasonable in the circumstances.

A friend of mine quite deviously moved back to his native South Africa 3 years ago, leaving his £12,000 debt behind him (I assume none of his creditors have linked institutions in S. Africa). Lucky swine seems to have got away with it so far!

I wonder if you could possibly do consider something similar (huge risk for sure). Particularly if your IP did not accept the £3-£4K offer? Could you approach your IP with the lower offer taking the stance that you are moving to Turkey, and going to sever all financial ties with the UK. Almost a 'take it or leave it' type scenario.

Not honest I know, and you would come unstuck if ever you moved back to the UK (certainly within the 6-Year 'statute bar' time limitation).

Just a thought, but I imagine that it is not that easy.

Would love to get an expert opinion on the likelihood of getting away with a stunt like that!

Like I say though - your initial suggestion is far more practical. At least that way, if ever you moved back here, you start with a clean credit file.

Good luck.

LISAP_3

hi, thanks for your replies , just to let u know i have forwarded my offer of £3500 to my IP, not sure what happens next, but i have everything crossed they will accept our offer. thanks for your support. xx