www.iva.co.uk

last week I posted regarding a 15% pay cut and will not be able to maintain current payments.

I have equity in my house (£35,000) although my property does not form any part of my IVA.

My original IVA payments were 60 @ £700 = £42,000, I currently pay £757 per month
to date I have made 25 payments totalling £18,241 leaving a balance of £23,759. If I was to sell my house and move into rented property would the figure of £24,000 be likely to accepted as a final settlement or does the final settlement not work like this.

Any advise would be appreciated

Your creditors will probably want all the equity if you actually owe them more than 24000 from the origanl debt. If any is left over after your debts ae paid in full them you will be able to keep it.

I dont think if you offered £24000 to make up to the £42000 would be acceptable, if you still have money left over- unless £42000 was your total debt.

but an expert will be alomg to advise you shortly[:)]

The creditors would not know where the money come from because as stated above my equity does not form any part of the IVA

But your IP would want to know where the money came from

Hi Goulda
I think that your offer is a good and fair one.
Your creditors have no claim to your equity so by returning the original dividend early they will most probably snap your hand off
Good luck

I have to agree with Andy.
It seems like a fair offer and money now is better than money later.

The way to present that sort of offer is to work out how much you need to keep for selling and relocation costs, your rental deposit and any other costs, and then offer the difference. I also think that your offer has a good chance of succeeding.

Hey Goulda, good luck, sounds good, let us know how it all goes if that's what you decide.[:)] X