www.iva.co.uk

Hi there,

I am thinking of moving house and I’m looking at selling and buying cheaper elsewhere with a view of then releasing some money as a full and final settlement. Has anyone done this or has any knowledge of it?

I have 29 months left of £350 and was going to offer 8-10k. Is this enough?

The other option I was considering is to get a loan from sprout to ff and then sell and move after this.

Any thoughts would be greatly appreciated

Hi. As you have equity to address your F&F offer should be based on the 29 months remaining plus 12 in lieu of potential equity release, so 41 payments of £350 i.e £14,350. So I feel £8 - 10k might be a little light ( but I have seen low offers accepted as well as high ones refused).

I would be inclined to at least have a chat with Sprout to see how the figures work out to get clear of the IVA first, then deal with the house move.

Thanks Foggy.

Have you had any experience in the past with Sprout. For example good bad to deal with. Hit rates of getting ff settlements accepted etc.

Thanks in advance.

No personal experience, Newneg, but several posters have used them with good results and I cannot recall any negative experiences posted on the forum.

Brilliant - thank you for the information.

I will make some enquiries.

Let us know how you get on with Sprout. Interested to see if your route of clearing iva works out for you.

I wanted to ensure that you knew that you will find it impossible to get a new mortgage at a normal mortgage rate while the IVA remains on your credit record, even when the IVA is closed? Your only option will be a "bad credit" mortgage lender.

I would recommend speaking to either Ryan or Shaun regarding a mortgage - they have been excellent with regards to helping posters with mortgages post IVA.