I've been in my iva for 28 months and thinking about f&f

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lewis
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by lewis » Sun Aug 27, 2017 3:17 pm
Hi I've been in my iva for 28 months, I pay £225 a month , I have the remortgage clause at the end of 60 month, house value 77k currently we owe 53k , my sister wants to clear my iva , I'm wondering what to offer , it's very doubtful we would be able to remortgage. Many thanks
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Foggy
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by Foggy » Sun Aug 27, 2017 3:36 pm
Hi. It looks like the equity extension will kick in, so you are looking at around 44 more payments, currently at £225. So the creditors are due to get a further £9900. You can reduce this a little to reflect the savings in admin costs, but you still need to make it attractive ... I would say an offer around £8,000 might be worth looking at. You could go lower, but will be making refusal more likely -- I have seen very low offers accepted, but I have also seen generous ones refused (one was actually more than the payments expected !! )
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lewis
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by lewis » Sun Aug 27, 2017 7:31 pm
Hi thanks for the reply , I am looking at offering £8700 , I want out of it , I suppose nobody can say for sure it will get accepted.
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Michael Peoples
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by Michael Peoples » Tue Aug 29, 2017 10:51 am
It sounds a very tempting amount for creditors and I would think it will be accepted. However as you say there are no guarantees but there is also nothing to lose by trying.
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