Full and final and mortgage advice please

[ksmiuk]

We have our F&F meeting next week our original debt was around £55 we have been in IVA for 24 months and have paid a minimum of 700/month sometimes up to 1000 depending on overtime. Our family want to help us so we have offered 22500 for the f&f. I am terrified this wont go through we have also been offered 10k for a deposit so we can get on the property ladder but wondered if anyone will lend to us with such a bad history. Any advice appreciated thanks katie

[Michael Peoples]

Hi Katie. Creditors may require a reason for your full and final such as employment uncertainty or cutbacks, illness, pregnancy etc. The offer however seems reasonable and you could possibly achieve close to the original dividend.

The mortgage is a separate issue and maybe Welshboy could answer it. I have heard that mortgage companies are asking for sizeable deposits and even then the rates are not very pleasant.

[ksmiuk]

thanks for the reply, we have not really got a reason other than the money was offered to us.
Think we will have to do some serious saving to get a 30% deposit

[MelanieGiles]

But you are giving your creditors the money back at a much earlier stage, due to the generosity of your parents, so that is something that ought to tempt them to accept.

Michael is right about the deposit, but do contact Tony Parsons (Welshboy) to see if you can steer you in the right direction.

[Welsh Boy]

ksmiuk

With regard to the IVA part of your query I am not qualified to offer advice on that but concerning applying for mortgage funding I can confirm that lenders are willing to lend to those with an IVA on their credit file. The rate would depend upon the results of a search done on you and no 2 cases are the same.

The deposit at present would be circa 25% of the amount of the loan you wanted.

There would be other criteria to be taken into account i.e. affordability etc. Tony

[ksmiuk]

Thanks for the info..... will keep you posted x

[ksmiuk]

eeek meeting is tomorrow i am terrified[xx(] I have a really bad feeling xx

[ivas4us]

good luck for the meeting tomorrow ksmiuk

[kallis3]

Good luck from me as well.