hi ,me and my partner each have an iva started last october due to joint loan and debts totaling £24,368 and pay £100.66 a month ,jointly we have paid £2000 into the plan and are home owners mortgaged,my freind has offered us up £18,000 as a full and final payment,do you think that the creditors would accept this offer as f&f payment to end our iva's thankyou
This seems a more than generous offer unless your payments are due to increase dramatically over the next few years and there is equity in the property. If you have to repay this money you could end up paying back more than you would have been paying into the IVA so speak with your IP and get their advice.
What is the current value of your property and the amount that is outstanding on your mortgage? At what rate will you need to repay this loan from your friend?
What a generous friend ... hopefully an offer can be agreed with creditors.... depending on the equity release clause an offer of months left x monthly amount plus the amount of equity release may be accepted ..... how much equity do you have ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
