Hi
I'm just over 2yrs into my IVA and have a 2 part question.
Firstly - My original IVA was 40k, and have paid 15k, leaving 25K outstanding. If I was to make a Final Offer, what do you think would be acceptable? If I took this route (and I'm not sure its the right one) I could possibly get 16k together.
Secondly - the said 16K is also my GF's mortgage deposit. We have talked about buying together later this year, but do not underestimate the difficulties involved in getting a mortgage with my IVA. Clearly, if the deposit is used to pay off IVA, it delays our house plans, and we'll be saving from scratch, but debt free.
In your experience, do the problems associated with getting a mortgage whilst in IVA outweigh the disbenefits of having to wait until house prices increase but we can buy almost hassle free.
I would ask your IP to work out a settlement figure for you based on returning the original dividend pledged. £16k sounds a little on the low side, but if that is all you can raise and there are good reasons for wanting to put a variation forward - ie you are struggling with the repayments - then it may be acceptable to creditors.
You would need to take advice from an IFA or mortgage broker about the mortgage questions - Tony Parsons often posts on the forum and may pick up this post later or tomorrow.
You would need to offer at least 20k to make it attractive to your creditors - speak to your IP and see what he/she says. You may have other cogent reasons that will make it an attractive proposition to your creditors to take the lump sum now rather than wait another 3 years. Let us know how you get on. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
