loan of £12.000 to Lloyd's as they they have a hold on the property, this would leave me with around £58.000 to put towards buying another home, my thinking is if I go to end of my term they will only get what they agreed, I am offering more than they would get, in my eyes it sounds like a good deal,can you advise
I would also suggest having a word with Shaun Vickery -- he has access to products designed for this sort of situation to gain an early release from the IVA via a secured loan, which you can redeem when you sell after the IVA has concluded.
Shaun's details are here: memberlist.php?mode=viewprofile&u=22837
Remember -- if you sell to settle early, you will be unable to get a new mortgage for a few years as your credit file will still be shot.
Take Foggy's advice and offer to sell the property and pay the remaining contributions from the proceeds to finish the IVA early. If they reject this do not sell your home.
When did your IVA start and how much are your monthly payments?
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