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Posted: Sat Jan 24, 2015 7:49 am
by JdT62
I have now completed 5 years of a 6 year IVA. I am paying £349 per month. I understand that I may need to release equity from my property later this year. My issue is that I only have 4 years left until retirement and doubt any lender would increase my mortgage with such a short time left and if they did I would be left with huge mortgage payments. I am in a position through family to offer a full and final. Would this be acceptable to creditors? My remaining IVA payments amount to £4188. I can offer an amount of £7000 as a full and final.
Posted: Sat Jan 24, 2015 8:06 am
by Adam Davies
Hi
Usually any remortgage requirement built into your IVA states that it can't go beyond retirement so I think your offer is very good and I would put it to your IP
Good luck
Regards
Posted: Sat Jan 24, 2015 8:22 am
by plasticdaft
The offer looks a generous one. Good luck
Paul
Posted: Sat Jan 24, 2015 10:49 am
by Foggy
Looks like a good offer
Posted: Sat Jan 24, 2015 12:17 pm
by Michael Peoples
Looks over generous to me as it is more than creditors would get in an extension. I would offer £4k.
Posted: Sat Jan 24, 2015 12:32 pm
by Foggy
Michael. I read it as Jd has a year of agreed term left, and then a 12 month extension, so the creditors would be looking at an £8k return to come.
Posted: Sat Jan 24, 2015 3:15 pm
by Michael Peoples
You are right Foggy. My mistake so the offer is pretty fair.