My parents have offered to pay off my IVA. I contacted CF a while ago to see how much I would need to pay and they said its the remaining monthly payments and also 12 months worth of payments to cover the equity release clause. There is no way I will have enough equity in my property anyway to trigger that clause. My question is therefore, if I did want to do a full and final payment and I believe there isn't enough equity in my property, would I still have to include 12 months payments in the settlement figure? Hope that makes sense!
If you wish to go through the valuation exercise and can demonstrate that the clause will not be triggered then the 12 months can be left out .... but it is usual practice to add them in.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
