IVA help

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gibbo

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Post by gibbo » Thu Jan 31, 2008 8:21 pm
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Hi I am a new member here. Can you offer to pay 100% of your IVA.
For example can you say pay a set fee for 5 years and then say after this time can you sell off your house to pay off the remainder of the debt.
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MelanieGiles

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Post by MelanieGiles » Thu Jan 31, 2008 8:23 pm
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Hi gibbo and welcome to the forum

You can offer to pay 100% in an IVA, however if you could do this a DMP may well be a far better option for you until you sold your house, as it could potentially be cheaper and you would not have a formal insolvency procedure registered against you either on the Individual Insolvency Register or the credit scoring agencies.
Regards, Melanie Giles, Insolvency Practitioner
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carlmcmullen

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Post by carlmcmullen » Thu Jan 31, 2008 8:25 pm
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That is certainley a proposal that would be considered by creditors and likely to be accpeted.

But can i ask is selling your house something you feel you have to do or are you wanting to do - as normally creditors would ask you to re-mortage up to 85% of the loan value

How much is your property worth and what is outstanding on the mortgage ?

What is your approximate level of debt?

Carl
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