Hi. Could somebody please advise me on the following:
My mum has offered to pay what I owe on my IVA and I have the following questions.
Is it the balance of what we would of paid over the 5 years, would there beany extra charges added, would the IVA be completed as of the date It is paid, would we still have to remortage and finally would creditors start chasing us again? Iwould be very grateful if somebody could answer these questions thank you.
Hi Willow. The F&F should be based upon the number of months you have remaining ( but see below) multiplied by your current monthly amount.
As you have a property the question of equity will need to be looked at. This is often dealt with, in these situations, by adding in an extra 12 months to the offer.
If the offer is accepted that will be the end of the IVA. No need to remortgage (make it clear in the offer that an extra 12 months has been added in lieu).
Creditors will not chase you for the debts covered by the IVA.
Even though you might pay off the IVA early, it will still remain on your credit files for 6 years from the start date and blight any credit application you might make before then.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
