How much will I have to pay to end IVA early in the 5th year

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anthony105
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by anthony105 » Thu Jan 25, 2018 12:59 pm
I am in my 5 yrs of the iva. They say I have to remortgage the house. How much money I have to pay if they succeed in the remortgage or to continue the iva for 1 more year
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Foggy
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by Foggy » Thu Jan 25, 2018 1:02 pm
Chances are you will not get a remortgage -- but if you did, they would be looking at up to 85% of your share of equity. The 12 month extension would be 12 payments at the level you are paying now.
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admin
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by admin » Thu Jan 25, 2018 1:19 pm
Another message received from Anthony. Posting on his behalf:

I am in an iva according to the iva it ends up this September (5)yrs. the total deft is £130000.00 I pay monthy £280.00.if I want to end the iva before September how much I need I got fro family £5000.00 is it enugh .I got equity in the house.kindly advice me
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Foggy
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by Foggy » Thu Jan 25, 2018 1:25 pm
You have 8 months left to run and let's assume you get a 12 month extension .. so 20 months at £280 will bring in another £5600. So I would say an offer of £5000 would be looked at favourably ( although there are never any guarantees ).
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