Amazing Forum I stumbled across here! Guess I can glean an answer from the questions, but if anyone can comment on my personal situation (reassure or shoot down in flames!) it would be appreciated!
Been paying IVA around 20 months, went up to £250 pcm last Oct/Nov, likely to be a 6th year, so approx. £13,000 if monthly contribution doesn't change. I relative has offered £10,000 to settle. Think this is around the 75% mark. I appreciate acceptance criteria can vary, but does this seem in a ball park for a positive outcome? Most of the debt is to Natwest.
Also, I see it stays on my records as a marker for 6 years, but is it easier to Re-mortgage once it's marked as "complete" or is having the marker for an IVA the issue for re-mortgage, rather than the fact it is running?
I would love to clear this and just take the weight off of it being there. I got very anxious last year coming up to and during the review, and am already thinking about this years, even though nothing much has changed. I do have the possibility for promotion coming up and although it's not just about money, it does seem a bit mad to take on extra responsibility and just give the extra money to PayPlan/Creditors.
Taking into account an extra year, you will be saving creditors some 4 years 0f admin and costs, by the time everything happens, so I feel that an offer of £10k is a reasonable one. Of course, it is impossible to second guess creditors !
In the long run, if the arrangement continues to run, you get to keep 50% of any pay rises, so they are not all lost, and, of course, they outlive the IVA as well.
As regards the marker on the files. Yes, it is easier to get finance with the IVA showing but marked as completed, but not by a lot. The real improvement comes when the marker falls off at the 6 year mark and the world opens up again.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Thanks for the quick reply! Although a lot less stressful than things before the IVA, I still find myself getting tense dealing with this stuff. Must get my head fully back together one day!
Although it may clearly not got the way I hope, it is good to hear someone else view it as possible. Just need PayPlan to actually get back to me now!
I think 10K is a strong offer for an early completion.
With regards to mortgages post completion- approach a mortgage broker with experience of helping people with past debt issues, such as Ryan and Shaun on this forum. They will give you personal advice specifically for your circumstances and will guide you to when is the best time to apply.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !