Lump sum full and final

[kepler]

Hi all,

If a lump sum full and final through sale of my property were to be accepted by creditors and I were given 12 months to sell the property, (no disposable income as out of work at mo and trying desperately to get employment but no joy so no chance of me doing 5 year IVA). Could, if my circumstances changed in those 12 months and my house would not sell and if I were able to gain access to a lump sum F & F through a 3rd party without selling to roughly the same figure (or thereabouts as you never knowing what the exact amount would be) and my circumstances were still that I had little or no DI would this be acceptable or is it once IVA states property has to sell then it has to be exactly that?

Also, should a f & F be accepted then if again my circumstances changed during the 12 month period that period and I were able to afford payments into a 5 year IVA could this then be looked at again or not (bearing in mind they would get the equity in it at the end of the term).

I am just trying to gather up all the info as I can only afford to pay my creditors token payments now and should a charging order be placed on my home by my largest creditor then this would rule out any equity thus not being able to fund a lump sum full and final and then also ruling out any chance of a 5 year IVA as secured charge + mortgage would make (even if it were possible to do so)any DI on probable wage virtually nil again.

My mortgage is interest only.

I want to avoid bankrupcy. I hope this makes sense!

PS. I have been speaking with Size 5 at Cleardebt and he is really helpful should anyone need any advice. I (somehow) forgot to ask these questions!!

[kallis3]

You may be able to do that with a Full and Final, but you would need to speak to Cleardebt about that as I'm not sure of the implications.

If you did do a full and final and it was accepted, there would be no need to do a five year IVA as the remainder of your debts would have been written off.

If your circumstances changed before either selling your house or having a F&F offer accepted, then I think you probably could do a normal IVA.

I would phone up again though and run this by an advisor as they will be able to go through it with you far better than I can.