My question is regarding full and final offer.
I am just into 3rd year of IVA and partner wants to help me with full and final offer to end iva. I will have to complete a 6 year Iva due to not being able to remortgage in year 5. My house is shared ownership and the housing association won't allow it. I knew this would be the case when I signed up so no dramas there. My question is - would I base my figures on there being 4 years payments left and not 3 ? or would the offer have to increase based on the equity and not a year's worth of extra payments ? Hope this makes sense. CContribution is currently 165 a month . Have made 25 payments so far . Was thinking of an offer around the 7 grand mark?
Hi. Was the equity excluded from the start due to the H.A involvement, or do you still have to jump through the hoops ?
Is there likely to be in excess of £5k equity in a couple of years time?
Assuming the creditors are also expecting the extra year (and I reckon they could be fairly easily convinced) an offer would have to be based upon a 6 year term. However, if you could fairly easily convince them there would be no equity in any event ( and according to your actual equity clause)they might accept an offer based upon 5 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would get the property valued now, and provide your IP with a current mortgage redemption statement together with details of the amount owed to the co-owner under the shared ownership scheme. If the resultant equity is less than £5,000, and you have the usual IVA Protocol terms and conditions, there should be no need to take account of a sixth year.
Thank you for your advice .
. The equity equity in the property is way above the 5k mark it's more like 25k
I think I was going to be asked at year 5 yo remortgage but I have always made it clear I would be unable to do this . Mainly as the housing association won't allow it but also my lender will not agree. I told the IP this from the outset but having plonked through the paperwork it would seem I still would have to go through the motions. I suppose it would have been better for it to have been made clear initially that a remortgage will always be out of the question?
Can I also ask that should my housing officer agree to a remortgage now , are you permitted permitted to remortgage halfway through the IVA in order to offer offer a full and final settlement ? I am doubtful of finking a lender it's just put of interest at this stage
