Full & Final offer and equity in property

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Abundance

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Post by Abundance » Sun Jul 21, 2013 8:52 am
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Hi there just need some information.

If we were gifted a full and final settlement offer, would the equity in our home be affected or asked for (if there were any of course).

Also could wear use the equity in our home for a full and final offer and if we did would that be that, no more payment etc?

Thanks in advance.
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Michael Peoples

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Post by Michael Peoples » Mon Jul 22, 2013 9:59 am
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A full and final means just that and excludes everything else. You could also offer the equity as a lump sum and again your IVA would cease. You may be able to keep 15% of the equity so speak to your IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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MelanieGiles

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Post by MelanieGiles » Mon Jul 22, 2013 7:06 pm
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In any attempt to settle an IVA early, the usual equity release provisions should apply. Your IP will likely need you to confirm the current property valuation, and obtain an updated mortgage redemption statement, so calculations can be carried out.
Regards, Melanie Giles, Insolvency Practitioner
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