www.iva.co.uk

Hi there just need some information.

If we were gifted a full and final settlement offer, would the equity in our home be affected or asked for (if there were any of course).

Also could wear use the equity in our home for a full and final offer and if we did would that be that, no more payment etc?

Thanks in advance.

A full and final means just that and excludes everything else. You could also offer the equity as a lump sum and again your IVA would cease. You may be able to keep 15% of the equity so speak to your IP.

In any attempt to settle an IVA early, the usual equity release provisions should apply. Your IP will likely need you to confirm the current property valuation, and obtain an updated mortgage redemption statement, so calculations can be carried out.