my husband is an iva and were nearing the final year. We may have enough equity in the house for remortgage, if not, what happens? could we ask a family member to provide funds, how much would this be? what about a bonus from work?
You will struggle to get a remortgage so an extension is most likely. However if he can get third party funds from yourself or other family members this should be acceptable. He could also consider a secured loan but only if he could not source the funds interest free elsewhere.
Bonus payments from work are payable into the IVA anyway. Generally you are allowed to keep half. You save save up these halves until you have enough for a full and final offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately for the purposes of the IVA income is income and 50% would be taken.
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.
The bonus share [50%] into the IVA is still due in addition to the 12 month extension, however you could offer your share of the bonus as a settlement if this is equal or close to the 12 month extension
If you could get a payment from a third party then it may well be accepted as a full and final.
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
