Posted: Wed Feb 13, 2008 8:19 am
I have an IVA and i'm about to start my 3yr. I pay £350 per month. I am hoping to reduce this to £300 per month. However I would like to know if I could do a full and final because my life has changed a bit - I've met someone and we want to live together...maybe buy a property in the near future.
My house is worth about £145k and my mortgage is @ £85k. I have a secured loan of @ £5k which I want to pay off asap. I want to know if a full and final would the answer. I have this equity all this equity in my house and yet I am struggling with my cashflow.
My IVA was for £33k which includes a final yr payment of £15k which would be financed by remortgaging my house.
Can I sell my house and raise the cash for the IVA and pay off my secured loan and then get on with my life?? I'm sure it couldn't be that easy....£60k equity...bad cashflow at the minute...isn't this a solution or would the creditors want more??
My house is worth about £145k and my mortgage is @ £85k. I have a secured loan of @ £5k which I want to pay off asap. I want to know if a full and final would the answer. I have this equity all this equity in my house and yet I am struggling with my cashflow.
My IVA was for £33k which includes a final yr payment of £15k which would be financed by remortgaging my house.
Can I sell my house and raise the cash for the IVA and pay off my secured loan and then get on with my life?? I'm sure it couldn't be that easy....£60k equity...bad cashflow at the minute...isn't this a solution or would the creditors want more??