Would Appreciate Advice

[andy9848]

Hi I currently have an IVA with approx 45k left to pay and a 6k payment at end agreed as part of my property valuation.

My house is worth 170k and my mortgage is 140k so i could possibly free up the equity here but not sure how to go about remortgaging and my parents are willing to pay 25k into IVA to help me finish it but i am unsure wether to follow this route ?

Can anyone advise and also by finishing it sooner would my credit rating be repaired sooner ?

Many thanks

[Cybus]

By concluding your IVA earlier, unfortunately you do not shorten the length of time it stays on your Credit Record. It would normally stay recorded for a period of 6 years from the date of approva.

However, on completion of your arrangement, you should receive a notice of full implementation or of satisfactory conclusion. You could try forwarding this to the credit reference agencies with a request that the satisfactory conclusion of your arrangement is noted on your credit file.
It has to be worth a try.



Tell it like it is.

[MelanieGiles]

It may be possible for you to offer an early settlement to your creditors, but you will need to discuss this with your own IP. Creditors will take a view whether it is better to accept an offer now from you, or whether to gamble on getting a higher return by allowing your IVA to run under existing terms.

Is the equity release limited to £6k - or was that the sum estimated at the time of the IVA based upon the valuation at that time? What is the actual wording of your proposal or chairman's report in this regard?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk