Can Anyone help??. I am in my third year into my IVA and have just had a baby.. I live in a 1 bedroom flat that is shared ownership I am looking to sell my flat and pay of my IVA.. I have about £12000 pound outstanding on my IVA.
firstly what is a good offer and secondly how easy will it be for me to rent accomidation after being in a IVA??. I would really appreciate any guidance and advice. Kind regards Helen
Was the property included in your IVA at all? Was there a requirement to remortgage to raise additional monies during the final year? How much are your monthly payments?
With regard to renting after the property has been sold, this is certainly possible but you may have to find a few months rental deposit to put down in view of your credit history.
I suggest that you speak to your IP directly about the viability of your proposed offer.
Hi Melanie thanks for your reply. The proprty was not included in my IVA and there was no requirment to remortgage in the final year. My monthly payments were £480 orignally they went upto £520 for tw0 years I am currently on a break at the moment due to being on maternity leave.. I am just so worried about it all and am considering bankrupt??. Really not sure what to do for the best??. Thanks again for your reply Regards Helen
I am guessing that the arrival of the little one has reduced your disposable income by at least £100, and perhaps more if you will have to pay for childcare when you return to work.
Let's say that your reduced DI is now around £350, and you have 30 months left to pay - this would technically mean that creditors would receive a further £10,500 - but they would have to wait another three years before they were repaid the full amount.
Do you know what equity there is available in the property once it has sold - and also what you would need to retain to cover your relocation costs, rental deposit and the purchase of any new items of furniture/electricals etc? Once you know what is likely ot be available, you can then decide what you are prepared to offer.
I am a little confused now is the term of the IVA not five years??. Can I relocate before I make an offer??. I am hoping to raise about £15000 from the sale of my property and It will cost around £4000 for fees and relocation etc so I was going to offer 11000 do you think this would be resonable??.. I am just so worried about the offer being rejected.. Thanks again for your reply. Helen
If the house is not included in the IVA you can do what you like with it, so long as your move does not worsen your financial position. In reality you ought to discuss this with your IP first.
I think an offer of £11k would be a very good one given your circumstances Hells, but again take specific advice from your own IP who has detailed knowledge of your case and is best placed to advise.
