hubby too proud to ask.
My MIL recently moved and is renting out her large 4 bed house. She had a letter last week saying mortgage going up so shes taken decision to give tenants notice and is planning to sell it.
Valuation has said its in stunning condition and if sells at asking price she has potential of getting 90k.
Shes a generous lady and I know she would help us if she knew our situation, but she doesnt. My hubby is too proud to tell her. He also knows she would help us but he wants to do this ourselves.
I cant help thinking that if she knew and offered to fund our F&F we coukd have so much more freedom and could also look at paying her back but without the tight constraints as in an iva.
We are doing well in this iva and managing but with a child at secondary school now and the costs associated with growing family I cant help but think we should speak to MIL at some point and see what she says. Obviously shes quite within her rights to say no and I would respect that but hubby doesnt want to even mention it. Should we let this opportunity slip by through pride??
Would she give you money anyway? If so then it would have to go across to the IVA and you would have to explain to her what had happened to it.
You need to have a long hard chat about it - only you can make the decision.
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
Oh goodness no she wouldnt just give us money from this as in a windfall. She will be using it to purchase another property to rent out for income purposes due to her circumstances. Im probably being quite selfish to be honest. Theres no good reason to offer a F&F either. We arent in ill health or at risk of redundancy. Just be nice to end early!
If you can mention it and you know she is approachable then come up with a repayment plan that is legally binding and will ensure you don't end up on judge rinder.
Finishing an iva early is always reason enough.
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 was too proud to ask my mum but I screwed up my courage and did it. I realised that it was my own pride that was potentially tying me into this thing for another 4.5 years which was far worse than asking mum.
Also, remember that if anything happens to her before you finish, your inheritance goes straight into the IVA; that would almost be like throwing her money away for her.
Hope it works out for you.
Last edited by grimswold on Sun Nov 15, 2015 10:53 am, edited 1 time in total.
I can understand why you would want to end the IVA early but it might not be worth it unless you got a discount. Your current IVA payments are fixed and if you paid them off now from a loan from your MiL then either you would be paying her back with interest or she would be losing interest on the money.
I guess it depends what equity/deposit your MiL would need to get her next place based on her income and also if she doesn't qualify for a good mortgage on less equity, its harder to secure mortgage these days as lending criteria so strict based in affordability.
What would your remaining payments amount total for a full and final ? And any equity to add another 12 months ?
I can totally accept where hubby is coming from pride is one thing but not wanting to out your parents in the horrible position of having to say no is another reason.
Last edited by longslog101 on Mon Nov 16, 2015 8:39 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Always worth asking - she can only say no....! Even if you have an agreement that this will be paid back to her at least you can swap the IVA creditors for one friendly creditor instead. How much payments does your husband have left?