Full and Final

[Newneg789]

Hi there,

I am thinking of moving house and I’m looking at selling and buying cheaper elsewhere with a view of then releasing some money as a full and final settlement. Has anyone done this or has any knowledge of it?

I have 29 months left of £350 and was going to offer 8-10k. Is this enough?

The other option I was considering is to get a loan from sprout to ff and then sell and move after this.

Any thoughts would be greatly appreciated

[Foggy]

Hi. As you have equity to address your F&F offer should be based on the 29 months remaining plus 12 in lieu of potential equity release, so 41 payments of £350 i.e £14,350. So I feel £8 - 10k might be a little light ( but I have seen low offers accepted as well as high ones refused).

I would be inclined to at least have a chat with Sprout to see how the figures work out to get clear of the IVA first, then deal with the house move.

[Newneg789]

Thanks Foggy.

Have you had any experience in the past with Sprout. For example good bad to deal with. Hit rates of getting ff settlements accepted etc.

Thanks in advance.

[Foggy]

No personal experience, Newneg, but several posters have used them with good results and I cannot recall any negative experiences posted on the forum.

[Newneg789]

Brilliant - thank you for the information.

I will make some enquiries.

[luluj]

Let us know how you get on with Sprout. Interested to see if your route of clearing iva works out for you.

[bowline]

I wanted to ensure that you knew that you will find it impossible to get a new mortgage at a normal mortgage rate while the IVA remains on your credit record, even when the IVA is closed? Your only option will be a "bad credit" mortgage lender.

[kallis3]

I would recommend speaking to either Ryan or Shaun regarding a mortgage - they have been excellent with regards to helping posters with mortgages post IVA.