Desperate to move due to family conflicts but can't get answers about F&F from PayPlan

Get expert opinion. This is the place for new questions to be posted.
1 post Page 1 of 1
 
 

Tonydw78

User avatar
Posts: 2
Joined: Tue Nov 04, 2014 8:27 am

Post by Tonydw78 » Tue Nov 04, 2014 8:28 am
Hi Ive been in an IVA for 2 years 7 months and pay £100 a month with payplan.
I have offered them £5000 as a full and final settlement to end the IVA early as we are desperate to move due to family issues/conflict with ex's etc and my mum has offered the money on my behalf. They have said it can take 3-6 months to get a meeting with the creditors is this right?
Im in the dark about whether I can obtain another mortgage and if so how long do I have to wait if they agree to the final payment. The IVA is in my name not my wifes and the mortgage is only in my name, we would look to get a new mortgage in both our names. I have had the house valued and there will be around £20K equity just only 85% of the value of the house but payplan are not saying whether this will effect my chances?
One person has said the 20K equity will be 10K as my wife has a legal right to 50% but another said no? Our ideal would be a new mortgage at around 80% LTV and use the £20k as deposit
We were told if we sold the house and paid the IVA off completley out of the funds that the IVA will still show for the next 2 1/2 years so we couldnt even rent as most letting agents wouldnt rent to us so we would be left still no better off.
The IVA has helped us and made us realise our error of our ways living off plastic etc but it seems so difficult to get answers on the simpliest questions I have asked really which is frustrating!
1 post Page 1 of 1
Return to “Ask IVA Forum and Industry experts”