Hi, I'm currently 20 months into my iva, for the first 13 I paid 195, when my 2nd year calculation was done it went up to 221. I've just been made redundant and was wondering what sort of offer I'd need to make in order to finish the iva. My redundancy payment will only be 2000. I've do have a shared ownership mortgage.
It will depend on how much you still owe and if anyone can gift you money for a full and final. You are allowed to keep up to six months money whilst seeking future employment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
An offer would be based on 40 remaining payments at £221 (£8840) plus 12 payments in lieu of equity release, if you have more than £5k equity in your share (£2652), so about £11.5k. How much, if anything, you can reduce this figure by will depend on the circumstances and the original debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
