Hi, this is the first time Ive posted as I have just been accepted for an IVA. I am still trying to get my head around it though. This forum answers alot of my questions, so I would like to say thanks to you all for the advice. If by chance I end up with a lump sum of money, would my settlement figure go up or remain the same, as on some of the posts a IVA can be paid off early. I dont mind paying more to the creditors, but my payment is about 40p in the pound.
Any advise would be appreciated
Hi cheqs and welcome, and congratulations on your IVA.
You will never pay back more than you borrowed, plus the fees. Settlement figures for a full and final differ for each person. It would depend on what you owed, and how much money you could pay.
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
We owed about £80,00, we have a morgage of £110,00 and the house is valued at about £145,00. we have to pay back £500 over 72 months.The first payment goes out in October!
We're now five months in. It's amazing how quickly the time goes. And it gets rid of all the stress of the creditors hassle.
Good luck and keep posting. We're all here for you.
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
It really is a great feeling having the weight and pressure of all those phone calls and letters and people chasing you for money lifted isn't it.
My IVA was threatened by an old debt that came up and haunted me. I was able to offer a Full and Final offer on the basis of raising funds from a remortgage. In the end I repaid a lesser amount to the 26p IVA return ... but the only other option for me was bankruptcy which my creditors were made aware of.
chegs wrote:
We owed about £80,00, we have a morgage of £110,00 and the house is valued at about £145,00. we have to pay back £500 over 72 months.The first payment goes out in October!
Welcome to the forum chegs.
I assume there is an equity release in your IVA also?? What company did you use and can you tell us who your creditors were? It all helps to get a picture of whats being accepted and whats not.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Paul,Our creditors are Lombard direct, Northern Rock, MBNA, Capital 1, Barclays, Copperative bank, Abbey and the Halifax. There is an equity clause that after 5 years we need to explore a remorgage. My hubby is concerned we may have to remorgage over £20,000
They will revalue your house then, and tell you how much to remortgage for. There are no guarantees that you will be able to remortgage. With ours, if we can't remortgage, our IVA will continue for a further 12 months.
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
thats similiar to ours, as Northern Rock wanted the term extending from 5 years to 6 years with an equity release in the 5th year, but are current morgage is with them. Is it difficult to remorgarge when you are in an IVA
I don't know cheqs. It will all depend on the financial situation a the time. I know that we have to try two mortgage companies and get a mortgage of 85% LTV and our extra payments must not be more than 50% of our IVA payments.
I will be surprised if we can get one as hubby will be 66, and I will be 59 by that time. We think that we will be carrying on for a further 12 months.
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
