www.iva.co.uk

Hiya, I am looking to sort out a F&F settlement. I have contacted my IVA company (CF) and advised it will take 3-4 working days for someone to call me back. In the meantime, I hope someone on here can give me some advice.

I did ask about settling the account with a full and final a couple of years ago and had a response saying that the settlement figure to offer it based of the amount of months that I have left on the IVA and multiply that by the monthly payments. It also mentioned that I would need to include in the settlement offer, the one year payment due to the equity release clause.

I do have my own properly in joint names with my partner (who is not in an IVA) and I have worked out with the current property value we are well below £5,000 equity with our current mortgage being high LTV.

What I am asking is therefore, when we do the f&f process and put an offer in, can I not include this extra 12 month payments for the equity clause.

Any advice would be appreciated!

You will need to get your house valued, CF will probably do one as well, it's usually on the high side with them.

I doubt they will let you leave out the extra 12 months but you can but ask.

If you can prove that equity will be below the £5k trigger there is no need to add that 12 months extension to your offer, as they are not going to get it anyway. But, to do this, you will have to go through the valuation exercise to CFs satisfaction.