could I raise a settlement figure

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barry.s

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Post by barry.s » Mon Aug 20, 2007 10:26 am
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Hi
Please can you advise me if this is a viable possibility - Just coming up to the end of year three in a five year joint IVA. Current payment is £391, without checking not sure of IVA debt but I think it was around £45K.

We live in local authority housing and are able to buy under the right to buy scheme. My question is could I raise a settlement figure from an extended mortgage pay of the IVA and buy the house? Joint income is around £30K

Thanks in Advance
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Adam Davies

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Post by Adam Davies » Mon Aug 20, 2007 11:12 am
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Hi
You will need about 9-10K to end your IVA early.
If you are able to raise an extra 10k on your mortgage when buying your property then I can,t see a problem.You will need to consult your IP with your plans.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Mon Aug 20, 2007 11:17 am
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Yes - this is definately possible, but you will need to disclose the reasons for this to hte mortgage company, and as Andy rightly says this must be discussed with your IP first, as you cannot take any form of credit without obtaining permission.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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