Thats correct Mel. Both my wife and i been left nothing in our nans wills, this is just what our parents want to give us. We need to move to a bigger property, ours has mould and its only a 2 bed flat we need a 3 bed place. I know Ryan has helped people move.Even paying the IVA off early we would still have enough money left over for a healthy deposit. We already have a mortgage have had for 7 years and never missed any payments.
Once thing i do think is wrong is we have had our IVA for 6 months, we could potentially pay it off within the first year yet a credit file has it on for 6 years regardless. I find this wrong, if anyone manages to pay there IVA off early and creditors are happy for you to do that your credit file should really be cleared within one year.
We have received no money yet at all, not even 00% sure what we will receive but as i say people know we have to upgrade to a bigger place whether this possible i dont know. We also have a secured loan on our property which we owe around £12,000 on
Not sure on all the financial facts etc about moving how much we'd need etc but to me if we already have a mortgage and had a £30,000 deposit there must be someone out there willing to do business with us.
Both my sons have premium bonds as well as us, it maybe that our parents put £5,000 into them each thats there choice dont see why i should declare that. I do know 100% if my mum knew about our IVA she wouldnt give the money over if it was to be swallowed up in the IVA. My father in law knows about the IVA so possibly we could get him to hold it until IVA over perhaps?
In an ideal world for my wife and i we would pay off the IVA and still move. What i dont want is to pay the iva off and not beable to move as we may have run the iva its full course. My wife and i have seperate iva's so perhaps we could clear one?
Funny as saying all this and we havent received 1p yet from parents!
If you want to move your parents could use their deposit to obtain a buy to let mortgage in their names which you could then repay. Once the IVA has completed and your credit file cleared up they could then sell you the property for whatever they like.
You could even sell your current property and use the proceeds to fund a full and final settlement so while your credit file would still be damaged for six years you would have what you wanted at affordable rates.
Doubt my parents would do anything like that to be honest. As i say they no nothing about the IVA and are 67 and 63 years of age, they certainly wont be taking out buy to let mortgages etc
I agree with you Mitch! It doesn't seem fair to pay 100p plus fees etc to be no better off in the world of credit! The files like you say should be cleared a lot sooner! I know posters on this forum say pay as much as you can and you will feel better etc etc but what does that give you over somebody who has achieved only a 30% dividend?!! I completed after 60 months and achieved a 40% dividend and it has made no difference in that I have been accepted for both a credit card and car loan! Do what is right for you
I guess it's only the same though if you aren't in an IVA and you are late with a payment on something, even when you catch up that late payment marker is on your credit file for 6 years, so even if you are in an IVA and manage to pay off all your debt, it's still going to stay on there.
I have always felt 6 years is too long to have your credit damaged for whether it's through a simple late payment or an IVA/BR. I personally think it would be fairer to have it affected for a year after whether that is a late payment which would be cleared off after a year or an IVA which would be 6years. It seems crazy to penalise people for such a length of time.
However, in Mitch's case, I do think he is going to have difficulty getting a house whilst still in the IVA, he would be better doing a F&F then saving hard for the next few years so he can buy a house when the IVA comes off his record with the remainder of his inheritance and savings
Exactly Muggins. I remember when i joined the forum people moaning at me saying "You have to pay 100p back" and "Your feel better if you pay the whole lot back"
Would i hell! The companies involved would never have taken me into consideration when hitting me with high fines for not paying on time or missing a payment. Its a dog eat dog world and you gotta look after number 1
Payment made in full should wipe the slate clean in my eyes, not still hang over u for 6 years regardless. Both my wife and i had £30,000 worth of debt, paying back what we do will be £12,000 at the end of the term roughly, depending on overtime etc which i hardly get. Does this upset me im not paying back 100p? No not one bit
I will offer a full and final which will be a few grand over what it would be if i stay in the IVA for 5 years. What i wont do though is give every penny back then realise i still cant move.Id be clearing the iva yes but losing out financially big time for what? Itl be upto them if they accept my offer, if they dont there just get less over the 5 year term
Yes Niobe that is what we are saying! We know its on the credit files for 6 years and that is our point!! Good on you Mitch!! I really don't blame you for feeling like that especially when I hear of the corrupt goings on with banks and energy companies!!
