I have been in my IVA for 2 years now and my partner has offered to sell his car to pay off my IVA (he uses a bike instead now).
My IVA amount was to pay £100 a month for 5 years and then release £2000 equity after the 4th year (don't think this will be possible ). I haven't been in the position to pay any extra because the small payrise has been swallowed up by rising bills.
My question is that I'm not sure whether I should offer as close to the original 6k the creditors agreed to accept (taking the 2400 off that I have already paid)offering 3600, or do I have to add on the 2k equity release money making the offer 5600??
The car would only fetch about 4k.
My partner and I live together, so would they accept it from him, or would they just expect us to sell it anyway to take off the original debt.
Would the money have to come from someone outside the household?
It is his bike and he has no responsibility to your creditors. Personally I would offer the £3,600 and if rejected he could offer a bit more but the £3,600 should be enough.
