Hi
My parents have kindly offered me some money to pay off my remaining term. I have 15months left of the IVA and pay £195 a month. They have said they can give me £3000. Would this be accepted? I know that theres equity in the property, unfortunately! Any advice would be gratefully received .
Any offer should be based on months left x monthly amount plus likely equity release.
£3000 is worth offering but may be deemed too low by creditors ...it depends what level of equity you have in your house.
It maybe creditors are happy to have their money sooner and would agree it.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If there is equity certain companies will be pushing for a secure loan.
I don't agree with it but you could ask if the loan is possible now to get you out of the iva.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It is always worth a try and while creditors would get over £5k with an equity extension they may be happy to close it down. It does depend too on whether you are required to obtain a secured loan as while a remortgage is almost impossible a secured loan seems pretty straightforward.
Creditors would potentially get £5,265 on the assumption you can't remortgage and an extension was applied. You could offer the money on the basis that further monthly payments will continue to be be made by whilst the meeting is called etc. Difficult to say - at the end of the day if you ask and they reject you simply continue as you were so you have nothing to lose. Just make sure they don't put a clause in the variation resolutions about bankrupting you if the variation is rejected.
