i want to try and pay off my iva

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wobly123

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Post by wobly123 » Wed Jul 04, 2007 6:21 pm
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i want to try and pay off my iva with a lump sum iam one year into it and currently paying £465.00 amonth with a potential £10,000.00 payment at the end from the equity in my house my thoughts are that if i could release some of the equity now icould probably end my iva with a lump sum payment any thoughts as to what it should be and also any lenders that anyone knows who lend to iva holders
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willalwaysreply

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Post by willalwaysreply » Wed Jul 04, 2007 6:37 pm
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wobly.
I can answer the question with regards to the remortgage.

You will find lenders prepared to allow you to remortgage
within an IVA some state proof of a satisfactory 6mth payment history of your IVA some slighly difference.

This will also depend on LTV requirement( mortgage v Value of home)
and Income etc,

seek independent mortgage advice and ask for any broker fee's charged as not all charge
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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 6:42 pm
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I think it is hardly likely that your creditors will accept a lump sum of less than £10,000 now, when you could carry on making payments for the remainder of the IVA term and then raise equity when the property has probably increased in value even more than it is worth today.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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