offering final payments a good idea?

[markieFHM]

Hi, Great site!! I have £36.000 debt a house worth £140.000 and a £90.000 mortgage so I guessed I had £50.000 to play with. Not the case. I'll have a £4,000 redemption fee and where I have two CCJ's against me getting a worth while mortgage is limited to two lenders and they will lend 85% of the house value. I will only have £24.000 after all fees left to pay creditors. The IVA company I went to has drawn up a document for me to pay 76.24p in the pound with a £25,000 remortgage in 3 years time paying out £270 per month. Those payments which Ive stated to them are far too much and seeing how im remortgaging they will still get their money. Anyway thats another story. Does anybody think I would stand any chance of them accepting 65p in the pound with payment in full?[:)][:)]

[MelanieGiles]

Hi markie and welcome to the forum

I am suprised that this is being put forward as an IVA when you have equity of £46,000 (is the property jointly or solely owned), and creditors are only owed £36,000. I am sure that you will be asked to sell now, rather than have creditors wait three years for their money.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk