Posted: Thu Jun 21, 2007 10:48 am
Hi,I am currently in an IVA and I want to settle early. The reason for early settlement is that we are not able to do many things in an IVA. An example is that we are expecting another baby and the IVA payments do not reflect on another child. My wife's father is unwell and lives in Asia and with the IVA we cannot afford to go and see him. I am in the process of a remortgage and can raise £6,000 of equity (this is the max with having 10% left).
I will be receiving £1,500 from my father to clear the IVA. I have made an offer to my insolvency practioner of £7,500. My initial debts were about £23K. I paty £250 per month in the IVA and I have been paying for 17 months which means I have paid out £4,250. The total over the 60 months would be £15,000. This means the balance is £10,750. Is the offer of £7,500 realistic? I cannot afford any more cash from anywhere else and clearing the IVA would allow me to move forward in life. Thanks.
I will be receiving £1,500 from my father to clear the IVA. I have made an offer to my insolvency practioner of £7,500. My initial debts were about £23K. I paty £250 per month in the IVA and I have been paying for 17 months which means I have paid out £4,250. The total over the 60 months would be £15,000. This means the balance is £10,750. Is the offer of £7,500 realistic? I cannot afford any more cash from anywhere else and clearing the IVA would allow me to move forward in life. Thanks.