Do you think this full and final payment is too low ?

[Adrian.86]

HI IM IN MY MONTH 45 OF MY IVA PAYING 120 POUNDS A MONTH SINCE THE THE BEGAINING I OWE 40000 NOW 1 OF MY FAMILY MEMBERS IS OFFERING TO GIVE ME 5000 AS FULL N FINAL PAYMENT DO U THINK ITS WORTH OFFERING THEM I FIND IT TOO LOW I HAVE TRIED TO REMORTGAGE MY HOUSE BUT HAVE BEEN DECLINED BY FEW DIFFERENT COMPANIES

[abbiesmum2003]

Now im no expert on this but:
15 months remaining if its a 60 month iva x £120 is £1800.
Then depending on equity (was it more or less than £5000??) do you have that clause??
But assuming you do and equity is more than £5000 then you could be looking at another 12 months of payments if couldnt remortgage, which would be £1440.

So like i say im not an expert but would the 5k F&F offer actually be too much?? Im possibly wrong so wait for the more experienced members but thats how I see it.

[Foggy]

What does your equity release clause say ?
How much is your outstanding mortgage and what was the house valued at ?

As mentioned above £5000 may be being too generous.

[Shining]

Probability of too much there so might be worth a rethink. Good luck with your offer.