help please!!!

[Red]

I started my IVA last April, the amount to repay being £45,600 ( I pay £760 per month). When I started I was living with my parents and explained to the IVA company that this may change, I now have to move out of my parents home by the end of summer. I obviously don't have money to pay into an IVA and rent at the same time as they only allowed me £200 for rent at my parents and this won't even get me a room for rent in london.

I wanted to find out:

1. If it would be possible to obtain a 120% mortgage to by a small studio and use the excess money in a full and final settlement of my IVA ?

2. Also what kind of figure would be reasonable to offer as a full and final lump sum?

Any advice appreciated

Thanks

[jpj]

From my attempts to remortge I doubt anyone will lend you more than 85% mortgage,.you would also need a deposit for the rest which is not easy in an IVA.
Living in london, I think you would have to look at renting a room or a flat share for a few years and try to get a couple of hundred more a month from your IP towards rent!

[Adam Davies]

Hi Red
You have no chance in getting a mortgage anywhere near that figure,as JPJ states 85% would be the max.
Why do you 'have' to move out ? You are very unlikely to rent anything for £200 per month so moving out will have a big impact on your ability to service your IVA,unless you can rent with someone or just rent a room outside of London.
In terms of a full and final you would be looking at monthly payment times months left less a saving on IP fees for each year left on the IVA.
Regards
Regards

[MelanieGiles]

If your moving away from your parents is compulsory rather than voluntary, then your IP ought to put forward a variation of terms to your creditors based upon your changed circumstnaces, but do try and keep the new rental down to the absolute minimum so that the impact on creditors is minimal.

[Red]

Thanks for your advice