Hello, we will have been in our IVA for 2 yrs Oct, I am 62 in December, my Husband is 57, also working for a small family company. We are constantly stressed out. We have been offered a 10k loan from a friend specifically to make an offer as full and final payment, the IVA is approx 12,600 39 pence to £. My Husband has spoken to the IVA provider who seems very against this and wants us to lower the payments instead. We have a property on an interest only mortgage with less than 4 yrs left on it. it has posssibly 10 to 15 thousand equity, which was our original deposit. My company wont allow anyone to work after age 65, even if I am fit enough, please can you let me have your views . Thankyou
The offer seems very fair and it would be in your own interest to get the IVA over now. At least then you can sell when the mortgage term ends and have some funds left over for yourselves to repay the balance of the loan.
It is not for the IP to say whether or not you can propose a variation so ask that it be put forward. I would hope that the reason why your IP is negative is nothing to do with the potential equity which could be available in four years.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Pamela.c
Hello, we will have been in our IVA for 2 yrs Oct, I am 62 in December, my Husband is 57, also working for a small family company. We are constantly stressed out. We have been offered a 10k loan from a friend specifically to make an offer as full and final payment, the IVA is approx 12,600 39 pence to £. My Husband has spoken to the IVA provider who seems very against this and wants us to lower the payments instead. We have a property on an interest only mortgage with less than 4 yrs left on it. it has posssibly 10 to 15 thousand equity, which was our original deposit. My company wont allow anyone to work after age 65, even if I am fit enough, please can you let me have your views . Thankyou
Thank you very much for response we will write and ask for a variation. Would it add more weight if we got a cheque for the 10k and a letter Stating to be held in trust for f&f only.? Pamela
That should not be necesseary but maybe your IP will ask for something like this. You could porduce evidence of the funds together with a letter from your friend and hopefully that would be enough.
