Would this amount be acceptable to creditors as a full and final ?

[JdT62]

I have now completed 5 years of a 6 year IVA. I am paying £349 per month. I understand that I may need to release equity from my property later this year. My issue is that I only have 4 years left until retirement and doubt any lender would increase my mortgage with such a short time left and if they did I would be left with huge mortgage payments. I am in a position through family to offer a full and final. Would this be acceptable to creditors? My remaining IVA payments amount to £4188. I can offer an amount of £7000 as a full and final.

[Adam Davies]

Hi

Usually any remortgage requirement built into your IVA states that it can't go beyond retirement so I think your offer is very good and I would put it to your IP

Good luck

Regards

[plasticdaft]

The offer looks a generous one. Good luck

Paul

[Foggy]

Looks like a good offer

[Michael Peoples]

Looks over generous to me as it is more than creditors would get in an extension. I would offer £4k.

[Foggy]

Michael. I read it as Jd has a year of agreed term left, and then a 12 month extension, so the creditors would be looking at an £8k return to come.

[Michael Peoples]

You are right Foggy. My mistake so the offer is pretty fair.