www.iva.co.uk

Hi

I am currently in an IVA and have been since Feb 06, I am currently in rented accomodation firstly is there any opportunity of getting a mortgage whilst in an IVA and secondly is there any way of buying yourself out of the IVA?

Thanks

Hi there

You can get a mortgage whilst in an IVA, but only if you have a deposit of between 15% and 20% to put down which could not come from your own money - ie a third party injection of funding.

Similarly a third party could provide you with money to settle your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Melanie

Thanks for your reply - its difficult to get independant advice from my IVA company.

My IVA got accepted in Feb 06 so I have been doing it coming upto 2 years my original unsecured debt was £52,000 which I pay back at £475 per month (ive never missed a payment) - can you tell me an approx figure I would need to pay to settle the IVA? as my understanding is its not the total amount of debt outstanding its an offer to pay a lump sum?

My current situation is my partner (Whos not in debt) and I would like to buy a property and he could provide a lump sum to settle the IVA and allow us to get a normal mortgage as I understand there are ways of clearing up your credit file afterwards

Any help you be very gratefully recieved!!

Many Thanks in advance

You do really need to discuss this with your IP, as they have detailed knowledge of your case and I do not. Where would you be getting the money from to settle, and how much would be available.

A good marker is to ask your IP for a settlement figure based upon the original dividend, and sometimes if you offer a few extra pence this can stand you in good stead.

Are you a property owner with a fourth or final year revaluation clause?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
I calculate between 14-16k will be enough to return the original dividend.
Hope this helps

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks for the info.

I don't any property at all and all the funding to settle would come from my boyfriend.

Thanks