I am in year 4 of a joint iva and have put forward a full and final offer to my IP. The amount offered is basically the remaining months x by my actual monthly payments. My iva is for 6 years. My concern is I have equity in property approx 30k. I know I won't be able to remortgage but what has peoples experience been with offering a full and final when you have equity? This money is being gifted to me. If they ask for more money on the day of the meeting, it is highly unlikely that I will be able to obtain it. As many people who are in an iva know its not easy and I really just want to complete this and move on with my life. Any advice would be appreciated. I would also like to say that this forum has been invaluable during my time in this iva and I would like to thank everybody that contributes to it.
Any f&f offer should take into account the equity situation ... it maybe that if equity cannot be released the monthly payments are extended for a further 12 months ...therefore your offer may need to include this possibility to ensure all avenues covered.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
A lot will also depend on who you are with and whether your IVA allows for a secured loan rather than a remortgage and/or they try and push you down that route.
If there is nothing like that then you stand a really good chance.
All the best with this.
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.
I think that's a very fair offer if you are including additional months for equity release. The chances of remortgaging are slim to none so creditors will only get the equivalent of an extra 12 months anyway.
If they are putting your offer to creditors, they must think it stands a good chance of being accepted.
It sounds fair to me and should be fine unless there are awkward creditors there. In normal circumstances I would expect this variation to sail through.
Hi thanks for your response. My Iva is for 6 years, this does not include payments due to having equity. Unfortunately I haven't factored this into my offer. Has anybody else had their offer accepted without offering additional payments due to equity. Thanks.
Hi Michael, in your experience, has an offer been accepted without additional payments. The meeting is soon and I'm getting nervous and just have everything crossed that it is accepted. xx
If the offer has been put forward then your IP must be confident of it being accepted. Creditors are getting their money 2-3 years earlier so I would expect them to accept especially as most creditors were happy with five year IVAs anyway.
Personally I would accept the offer and hopefully your creditors take the same view. Let us know how it goes at the time.
Creditors have accepted very low offers as well as refused generous ones -- it all depends on the mix (and probably the weather!)but, on balance, we see more acceptances than refusals here.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
