How much of a lump sum Would I need?

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sadie

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Post by sadie » Tue Sep 14, 2010 10:01 pm
Hi I started an IVA in April 2009 which runs for 5 years. I am finding it hard to work out how much I would have to repay if I repaid the loan early. The monthly contribution has already gone up by £50 in year two although my costs are higher and my income not. I do have my own house but little equity in it and having changed my job since moving in would have to raise over 6 times my income to around a 120% loan to value to raise any money to pay them. I took the IVA at £193 a month and is now £242 after the first year. For a final settlement does it have to be the remaining time plus the new monthly amount!!!How much of a lump sum would I have to offer them?? as I can't take equity from my house in year four?? Would they just say no and make me carry on for another year or two?? Is there any appeal system if they won't accept the payment??
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 14, 2010 10:17 pm
Where would you get the money from to effect a settlement April - and if this is from a third party how much could they offer you, which presumably would be a loan you would also have to repay?
Regards, Melanie Giles, Insolvency Practitioner
 
 

sadie

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Post by sadie » Thu Sep 16, 2010 4:49 pm
My sister would be looking to make an offer to repay the loan at no monthly cost to me. Would be looking to make the offer at monthly contribution-iva fees times the years I have left on the IVA. No equity in my house in any case that I could raise.
 
 

sadie

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Post by sadie » Thu Sep 16, 2010 4:56 pm
My sister would pay off the IVA for me with no future repayments in place for me to repay. She just wants to pay off the IVA for me on the basis of term left minus iva contributions and months remaining. Is there any reason the IVA company would refuse this?? ALso concerned the debts from the creditors in a couple of cases been sold on to other companies.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 16, 2010 8:23 pm
It is not the IPs decision but that of your creditors - so a new creditors meeting would have to be called for them to consider the offer.

I would have thought you are looking somewhere in the region of £10,000.
Regards, Melanie Giles, Insolvency Practitioner
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