Hi, I am at the final stage of my IVA with 6 months to go. My agreed debt was £17000 and I have paid off over £8000 and my IP has also received an additional £6000 from PPI claims. I was advised that to settle early (sell my home) I would have to pay over £23000 which is over my original debt. I am planning to offer £10000 as a full and final payment. Do you think this would be accepted as my income has now dropped and I would need to reinvest my equity into another home as I am a single parent.
Could you carry on for the six months? By the time a proposal has been drafted and the variation meeting set up a few more months will have passed so it might not be worth it. Hopefully one of our experts will be along to advise further.
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