Charge on house if F&F accepted

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jamie584

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Post by jamie584 » Wed Aug 04, 2021 6:04 pm
We are struggling with our IVA as we live 300 miles away from family and now have a baby which means our income will drop due to the wife looking after him. My parents have offered a lump sum which covers all remaining iva payments and clear the iva so we can get out of it. If the full and final offer is accepted is it usual practice to leave the charge on our home for the remainder of the iva as at some point we would want to sell to move closer. We have been in the IVA for 12 months but alot has changed for us.

Foggy

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Post by Foggy » Wed Aug 04, 2021 6:26 pm
If the F&F is accepted the usual closure procedures take place after you make payment, as if you had completed the term, including removal of the property restriction (best to remind them at the time). All will be as though you finished the full term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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bowline

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Post by bowline » Thu Aug 05, 2021 12:19 pm
Wed Aug 04, 2021 6:04 pmjamie584 wrote:
My parents have offered a lump sum which covers all remaining iva payments and clear the iva so we can get out of it.
The offer should take into account the extra 12 months extension that is normally required for people who have a house with equity to be released.
But as you can probably show you cannot afford the IVA payments, it is possible that a lower offer than the full amount may be accepted.
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