full and final offer

[tristan]

hi i have now been in a iva for 35 months so have 25 payments left to pay of 571,i am thinking of selling my house,with equity of about 25000,do you think they would accept an offer of 25 x£571=£14275 or would the want the whole £25000 thanks tristan

[Michael Peoples]

You would be able to retain funds for legal expenses, removals and a deposit for a new property. If there are other expenses such as vehicle repairs creditors may allow these also. Your offer seems reasonable but ultimately it will have to be sanctioned by your IP and the creditors.

[tristan]

do you think they would accept £12000

[Michael Peoples]

It would depend on whether you could justify retaining the rest. There are other factors to take into account such as the actual selling price as opposed to what it is up for sale at. If you offered the £12k and the property sold for less than the advertised price creditors may expect the difference to come from your share. I assume the property is in your sole name as is the IVA.