My IVA was to be repaid from the proceeds of my house sale as when I entered the IVA I had no income. The property failed to sell in the first 12 months so the IVA was extended by a vote for a further 12 months. In the meantime I have got divorced. Offers on the property have been in short supply and due to divorce and lack of significant income the property is now due to be repossessed. We finally had a very low offer on the house but at this point a family member offered to match the proceeds of that offer to settle the IVA in full and final settlement. Is that a reasonable solution? Repossession would mean my creditors getting very little and possibly nothing.
It may be acceptable to creditors but they would want to see up to date financials. If you could afford on-going payments as well as a lump sum it could be extra attractive to creditors.
Seems a reasonable solution for all, what figure were your creditors originally expecting and how much is the 3rd party now offering ?
Are you now back working ?
