Need Advice

[andy9848]

Hi I currently have an IVA with approx 45k left to pay and a 6k payment at end agreed as part of my property valuation.

My house is worth 170k and my mortgage is 140k so i could possibly free up the equity here but not sure how to go about remortgaging and my parents are willing to pay 25k into IVA to help me finish it but i am unsure wether to follow this route ?

Can anyone advise and also by finishing it sooner would my credit rating be repaired sooner ?

Many thanks

[Oliver]

Finishing sooner will not affect your credit rating as the IVA will show on your file for 6 years from it's start regardless of when it finishes.

You may be able to finsish the IVA early by releasing the equity now and toping this up with money from your parents. You will need to discuss this further with your IP.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[andy9848]

Oliver,

thanks for the info could i check one more thing with you .
When i took iva out there was a clause that my house was valued (was done and was 150k) and that i had to pay 75% of equity (mortgage is 142k) by end of agreement.
I have checked and they have said that it will not be re-valued and tis 6k is set but I have been reading some horror stories about re-vaulations in year 4 ?? there is definately about this in my contract.

Am i worrying unecessarily ?
Many thanks

[Oliver]

I believe that if there is an amount stated along the lines of the wording you have mentioned then this amount is fixed. This will increase your chances of being able to propose an early settlement offer as your creditors wouldn't benefit from any property value increase.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
Just to agree with Oliver,if you can double check that the 6k is a fixed amount then you have a good chance for a full and final.
I would look to offer a total of 45k as you should have a saving on IP fees.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp