Advice around making an offer

[Needarise]

My partner is really keen for us to make an offer to settle our IVA, but Im dont know how to go about it?

Our fixed rate mortgage finishes in Feb and I assume would be a good time to try a release some equity.

Our house is valued at around 179k we bought it for 155k and we have paid a couple of years off of that. Our IVA is around 46k and we pay £440 a month, with £12k equity release as part of the deal in year 4.

How do I go about making an offer and what would be acceptable, are there any charges from the IP and what happens if its declined will it rock the boat with everyone and will they want more money from us.

Im so unsure what to do. Ive just had a baby and the payments are starting to suffocate us with childcare to pay now?

Also I had no annual review this year and was expecting it?? I wondered whether it was because they new our circumstances had changed. Can they IVA payments be decreased due to circumstance changes as they can if you have a windfall?

"Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, vodka in one hand, fag in the other, totally worn out, shouting "...holy sh*t...what a ride!"

[MelanieGiles]

Hi there

When you talk about a £12k equity release during the fourth year, are you sure that it is limited to that sum, or does the property need to be revalued at that time with the equity then recalculated?

A variation of the original terms may well be acceptable, but you will need to discuss this directly with your own IP to get more specific advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Needarise]

Hi and thanks for your response.

This is an area I would need to check. I remember at the meeting discussing a fixed amount or a % and I opted for the fixed amount. However it was only until recently I have noticed that the amount is not what we agreed at the meeting. A difference of around 4k. I will check this evening.

However, what do I do first around the F&F payment. Speak to my mortgage company or the IP?

[MelanieGiles]

Speak to your IP to check the basis of the amount needed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp