We are due to finish our iva next october but we both retire this year april me and november my husband our children and friends say they want to get some money together to make a final settlement. We had to drop to interest only a few years ago on our mortgage as we cant aford to pay it,i also had to finish work through ill health we will end up loosing our home soon dont know what to do.
There is nothing stopping you from making an offer of a full and final and how wonderful of your family wanting to do this for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If your family are willing and able to make a F&F offer then go for it, this sounds like the perfect solution for you.
Your starting point will be to base it on the number of contributions you have left including any assumed 12 month extension for any equitable interest you have over the minimum.
Then you can reduce it in line with any assumed reductions in your contributions due to your not being able to work.