long wait and much further in debt

[MelanieGiles]

Not necessarily - so long as the reasons for early settlement are reasonable. You are much better off discussing this with your own IP who has detailed knowledge of your case.

[Adam Davies]

Hi Jen
You are due to pay in 24k between you on debts of 75k,approx dividend of 25p PLUS ann equity release.
You will have to convince your creditors that a lump sum offer is in their best interests.The eight months that you have already paid in will just cover your IPs initial fees and first year supervisor costs.
How much equity do you have ?
You will each have a seperate IVA,although they may be interlocking,did you have any joint debts ?
Regards

[jen.c]

Hi Andy,

Well of course the equity depends on the housing market. Just before the downward turn in the market we had about £85K or more equity but with the market being so unpredictable at the moment now I have no idea.
We didn't have any joint debts, it was all personal bank loans, career development loans and credit cards. I don't think this part will be a problem as we've talked at length today and have decided that we've got this far together and coped. So we're going to stick at it together.

Do you think the creditors will consider the immediate settlement option if we put to them that with the current housing market as it is we are just as likely to lose equity than gain in the coming years?

Jen.

[Adam Davies]

Hi
It's strange that you were approved for an IVA with equity covering your debts,technically you were not insolvent.
I would hazard a guess that your creditors would take a full and final if you sold up now and offered the whole of the proceeds,less enough to secure rented property,to them
I'm glad that you are sticking together
Regards

[Soulgrowth]

I agree with Andy ... goodness knows what will happen to the housing market in the future. Have any of your debts been bought by anyone like Max Recovery? As Melanie has often said that they like an early return. This certainly, I believe, helped me to secure my full and final offer recently.

It might well be worth having a chat with Paul Johns (posts as Reviva) to go over your options perhaps a little more objectively than your IP might do. And then you could go back to your IP.

Good to hear that you are talking and sticking together in this.

All the best

Debbie