I am considering asking a friend to help me settle my IVA early. I have 39 payments of gbp225 left to pay over the remaining term of 5 years. Am I correct in assuming that if this is offered and agreed by the creditors the IVA is complete without having to bring in any equity relating to my house at a later date?
I agree. If there is equity in your property then creditors will expect to see a share of this in any early settlement. Full and final offers are ways for creditors to receive early settlement but usually this will be due to ill health or redundancy etc.
As stated in your proposal it will most likely include a clause on equity release and the extension of 12 months to cover this. If your offer was to include the 6th year then that would reflect equity but to omit it altogether would unlikely be accepted but do check this with your original paperwork and discuss with your I.P.
Last edited by winter_blues on Sat Nov 01, 2014 6:10 am, edited 1 time in total.
As said above, equity will need to be factored in to the equation and I imagine your creditors will want current figures to be able to make a decision.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014