Can anyone help please? We took out an iva approx 18months ago with debts of£20000 and pay £150 pm. My mother has offered £6000 to offer as a final settlement however as we has enough equity in our property to settle the original debt will they refuse and have to pay full amount to clear the iva. Thanks
It is difficult to obtain remortgages while in an IVA and rarely are you expected to sell. However your IVA would almost certainly be extened to a sixth year meaning creditors would get £10,800 so I feel the offer may be a little light. By all means give it a try but I would think £8,000 would nearer to what creditors would have been expecting.
