Hi after some advice currently 3 years Into my Iva, pay £150pm but have just found out my partner and I are expecting twins!!! With a 5year old at home already, and I expect my payment may have to drop slightly when the twins are here
So my question is
A:a family member has offered to help out with a full and final payment of around £5500 do you think that would be acceptable?
B: my 2 bed house is not big enough for the 5 of us, we already have planning permission for an extension on the house...is it possible to borrow money while in an Iva (partner went into the bank to pay some money in and they told her we was eligible for a second mortgage) would an IP even allow it
Congratulations on your news! You will have to speak to your IP and hopefully they will be sympathetic to an offer. You might find it a struggle to find lending for an extension.
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
Right ... so you are to pay 2 more years, plus a probable extra year for equity release, so 36 x 150 = 5400. So I would say that a full and final of £5500 has every chance of being accepted.
If you make the offer and it is accepted the IVA will close early --- then the IP need not be involved in things like re-mortgages etc. I would take what the bank said, off the cuff, with a large pinch of salt, though. The IVA will stay on your credit files for 6 years from the start, although all is not lost and there might be opportunities out there and they will improve as time passes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk