hadnt asked anyone . as we had debts of £100k we were paying 539 amonth , paying an extra £40 over next few months as salaries had gone up . the creditors wanted full equity in house which when we started iva was about 40k equity . house was worth 139k and nortgage 88k , house now prob worth 115-119k. so i worry that we wont be able to remortgage anyway with the way things are or of we do we are going to be crippled with hight interest rates . we were figuring on possibly having to pay yr 6 . we have never told anyone of our iva , our families dont know. it was more intrest of how much , if we could get 3rd party funding, how much they would accept as a realsitic amount to the debts we incurred.
With 19 months to go, I would battle on with the IVA if I were you - it is suprising how quickly the months roll by, and the end is in sight for you now.
The fact that the equity is lower, does work to your advantage.
The £8k looks right but presumably you also have to pay in addition some equity from the house in final year?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
