Could we offer a F&F payment from the outset ?

[stt]

Hello,
Could we offer a F&F payment from the outset ?
We don't have much spare money at the end of the month so not sure we would be able to manage on a monthly payment. We do have enough equity in our property to clear 50k debt but we can not afford the monthly mortgage payment if we did that. What we would like to do is offer an amount we can afford, say £15k to clear debt of £50k and let that be the end of it. We are currently in process of remortgaging as current fixed rate ends this month and we have factored into it the extra £15k for an IVA and we can just about manage the monthly repayment. Failing that, could we put that £15k into a savings account and use that money to repay the monthly payments for the 5 years - or would they take the whole lot away and still make us pay monthly ??? any help would be great or advice on our best course of action. Many Thanks.

[Adam Davies]

Hi
Raising the 15k and using it to pay a monthly IVA is a non starter
You have enough equity to clear the debts in full and therefore are not insolvent so an IVA is really out of the question.
Your creditors will expect you to sell up and clear your debts I'm afraid,that's the long and short of it I'm afraid.
You could raise the 15k and use this pro-rata to reduce down your unsecured debts and then enter into a debt management plan with your creditors to repay the remaining debt.
Another option is to not to raise equity but to enter into a DMP with your full debts.
You could also sell up,clear your debts and start afresh
Regards