hi i am 3 years into an iva my parents are offering to pay the last 2 years for me in one payment if they do this and assuming i cannot get a mortgage increase will this bring the settlement date forward and will i then be iva free quicker
Even if a full and final offer was accepted by creditors your credit reports will still show the iva for six years from its start date....unfortunately it does not clear it sooner.
Any offer of full and fibsl needs to be done with the proviso that should it not be agreed the money will not be made available to you.
Additionally any
offer should include the equity release amount if you own your own property.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You will be free of the IVA but not the impact it has on your credit history.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Geoff - also take into account that you can make a slightly lower offer than what would be payable if you continued paying for 2 years plus any equity payment.
The IVA will blight credit files for 6 years from the start, even if settled early. But, once you have the completion certificate, you can win the lottery and the money will be yours, as will all your monthly pay cheques in the meantime
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
