www.iva.co.uk

Ive been in an IVA for a few months, just about to do my 5th payment.

I may be in a position in a couple of months to be given a lump sum of money.
My debts were 18k, and my IVA is £100 a month for 5 yrs and then the remortgage in yr 4 for 2k, so the total the company want is roughly 8k.
Someone has offered me 8k.

The reason I'm asking is because our mortgage seems to be about £200 more than it should be, with the current interest rates with other companies. We really want to move companies, but obv cant cos of my IVA.

Do you think 8k would be an acceptable amount to offer, or would they want the full 18k?
Also, if they did accept, how long does it take to clear your credit reference of the IVA?? Would it still be on my file for 6 yrs or would it go pretty quickly after settlement??

Hi
The record of your IVA will be on file for the full six years, even if you end it early.
I would think that your creditors will accept the 8k as full and final settlement. Is the lump sum coming from a family member or friend ?
Regards

Hi, yes it would be coming from a family member.

So if its on my file for 6 years, even though i'd have settled it, does this still mean we wont be able to remortgage for a better deal until after 6 yrs?

Hi,

Probably not, at least not with any other providers cheaply. It may be worth trying your existing provider - you never know