Ending my IVA Early

[spenmotherhen]

Hello everyone

I know I haven't been on here for a while but I am am hopefully in the process of ending my IVA early.

I recently approached my IVA company to ask if it was possible to sell our property which at present is being rented and we live in rented accomodation ourselves. We have a good amount of equity to offer for a full and final settlement.

Originally we were told that this would not be possible due to having the 4th year clause. As our mortgage however is already at 75% LTV I could not see what benefit our creditors would gain in the 4th year as we would not be able to remortgae due to this.

I approached my IVA company again and spoke to somebody who had a much better understanding and was much more helpful. I suggested that selling my property now would release the equity to pay my creditors early.

The good news is that my house has gone on the market this week and I am feeling quite positive, however the latest hype on the "Credit Crunch" is a bit worrying as to whether it will sell or not?

I just wanted to keep you up to date in case anybody else is in a similar situation and had also been told that this was not possible.

Anyway hope everyone is well!!

Thanks for reading

[Lisa2009]

Best of luck with the house sale. I hope you get to make your F&F xxx

[jpj]

Good luck spenmotherhen.

Remember, while house sales are down by a third...two thirds are still going through! so just hang on in there!

Has your IP given you a full and final figure?? I would make sure I had one at this stage to ensure they dont try and take more equity than you were expecting when the house sells!

[Skippy]

Good luck Spenmotherhen x

[Soulgrowth]

Great to hear from you again ... and good luck. Your experience just goes to show how often an IVA can be a step to resolving one's debt problems if not necessarily the ultimate ends. The most important thing about an IVA is that it helps one gain back the control of the situation.

Debbie

[spenmotherhen]

Thanks guys for all the support!!

I have some great news.... our house has been sold hooray!!!

1 week on the market and first viewer put an offer of 110k in (asking price 128k) so refused then they came back with 120k and finally agrred at at 122500k, which is great as this will clear my mortgage, IVA F&F and fees. We will have around £800 left to clear up any last minute issues.

We will no longer have a house but we are fortunate that my husband gets a house with his job which is secure for the next 15 years.

The only problem is I have two very negative tenats to vacate ASAP!!

JPJ - I made sure that I contacted my IVA company before I put the house on the market etc and ensured that they gave me a F&F settlement figure including fees etc so that I new exactly where I stood.

Hoping it will all run smoothly from here on.

I will keep posting to keep you all up to date.

Kind Regards and thanks again x

[Mrs Positive]

Congratulations on a quick sale. lucky you[:D]

Keep us posted [:)]

[Skippy]

Great news Spenmotherhen, good luck with the sale, and enjoy a debt free life x

[spenmotherhen]

Its early stages yet and until it is all finalised I won't be able to relax.

The past two years of our IVA have been a challenge without a doubt but I am grateful for it and for the experience of learning how to appreciate my money.

One thing is for sure, I have learnt a huge lesson and will never become a statistic of the population who is in debt again, that I can guarantee. (Apart from a mortgage if I ever get to that point again)

Thanks again for the support

And for those of you who like myself, wishing to sell your property and were told you can not offer a F&F settlement whilst having the 4th year clause, I am proof that it is possible but possibly it is just down to circumstance.
With the credit crunch at the moment it is a risk putting your house on the market but there are people out there with a mortgage or the funds in place. The positive side is creditors seem to be more favourable to accept a full and final at present because of this.

Good Luck!

[Maz]

Hi Spenmotherhen

I am so pleased for you! that's good news and a fresh new start for the future. Well done!

Maz

[Adam Davies]

Hi
A great post and just shows that creditors do like F&F settlements.
I often feel that it is some IVA providers that do not like the F&Fs !!
Well done

[spenmotherhen]

Just to let you all know that we should complete on the 6th June, fingers crossed - my tenants are not impressed however that they have to move out, bit worried that they may barracade themselves in!!

[lily]

Hey Spenmother

This is great news I know your IVA has been a pinch and so glad you can see the end of the road if all goes well. Be sending positive thoughts out.

You really deserve a good result, good luck.

[Soulgrowth]

Great news ... all the best for the future. I too was hoping that as a result of the current credit crunch creditors might be of the mind to take the money and run whilst they still can.

Debbie

[iva.com]

Hi spenmotherhen - Hope all is going according to plan. I wonder if you would mind writing a review of your IVA provider on our web boards? Apologise if you already have.

Many thanks
Susan Macdonald