I am currently just under 2 years into my IVA. I am due to pay back £16,800 and have paid close to £7000 already including PPI claims.
I am in a position to sell my house, which I have been thinking of doing anyway as it's too big for me on my own. There is some equity in the place, enough to pay off the outstanding amount.
Is this acceptable as a full and final, or would the creditors want more, as the original debt before my IVA was £37000?
Creditors would likely want the equity after allowing for you to relocate. They would also want to see a new I&E and if renting was cheaper than paying the mortgage they may want ongoing payments too. How much equity is in the property?
Allowing for relocation costs, estate agents and solicitors fees the £23k figure would drop substantially. If creditors were offered £10k from the sale proceeds it would seem reasonable to me and they get their money early. That is the kind of figure I would offer but be sure of the valuation and mortgage redemption figures first as you do not want any nasty shocks later.
