Posted: Fri Jan 20, 2012 7:30 am
Hi all,
Our IVA has been running for exactly 12 months and we have made an offer of a full and final payment of £15000 to our creditors using funds offered by a family friend.
Our original debt was approximately £54000.
Payments to date £5300.
Remaining payments over 48 months @ £372 = £17856
We have an equity release clause included in our IVA, but dont have a great deal of equity currently in our property. Obtaining a mortgage to release any equity is obviously difficult enough whilst in an IVA, added to the fact that we still have 18 years left to run on our current mortgage, which takes my wife up to retirement age, which means we wont be able to extend our term when it comes to remortgaging.
Also, my employer has just been subject to a takeover, which will mean a lot of restructuring over the next 12 months, which could possibly affect my employment.
Do the experts on here think the offer has a good chance of being accepted?
Our IVA has been running for exactly 12 months and we have made an offer of a full and final payment of £15000 to our creditors using funds offered by a family friend.
Our original debt was approximately £54000.
Payments to date £5300.
Remaining payments over 48 months @ £372 = £17856
We have an equity release clause included in our IVA, but dont have a great deal of equity currently in our property. Obtaining a mortgage to release any equity is obviously difficult enough whilst in an IVA, added to the fact that we still have 18 years left to run on our current mortgage, which takes my wife up to retirement age, which means we wont be able to extend our term when it comes to remortgaging.
Also, my employer has just been subject to a takeover, which will mean a lot of restructuring over the next 12 months, which could possibly affect my employment.
Do the experts on here think the offer has a good chance of being accepted?