full and final payment

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lynn.j

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Post by lynn.j » Sun Jun 01, 2008 10:46 am
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We are about 1yr into our IVA and are considering selling our house and paying the IVA the £25,000 equity which would be available after the sale. We have a family member who is willing to rent to us so we could scrap the IVA and start again. Our original debt was around £50k with the IVA. Are you able to sell your house duing an IVA and pay off a lump sum and do you think £25k would be accepted as a full and final payment
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Lisa2009

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Post by Lisa2009 » Sun Jun 01, 2008 12:42 pm
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It could be difficult to get creditors to agree when they could recieve 4 more years of payments plus the equity release at the end.

I would also check the wording in your report, there may be a "no variations in the first xxx years" clause
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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