Advice please

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samrose

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Post by samrose » Tue Feb 05, 2008 6:17 pm
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i am currently in an iva would it be possible to get an extra advance on my mortgage to pay my iva off or would this not be acceptable my iva is 330per month currently 2 yrs in my house is worth 95000 and mortgage of 75000 also secured loan of 18000
p rose
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carlmcmullen

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Post by carlmcmullen » Tue Feb 05, 2008 6:22 pm
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Hi Samrose,

You can offer your creditors a lump sum as in full and final settlement.

However i would suggest that given your property value and current secured lending, you do not have any realisable equity and would find it very hard to get a further advance, also as you are in an IVA you are unlikely to get a mortgage for more than 85% ltv.

You would need to discuss with your IP.
Last edited by carlmcmullen on Tue Feb 05, 2008 6:22 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Sat Feb 09, 2008 8:58 pm
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Do you have a fourth or final year equity release provision in your IVA? If so, it is extremly unlikely that creditors will accept a full and final settlement offer, unless there are specific reasons for putting one forward - ie you can no longer afford your IVA payments.
Regards, Melanie Giles, Insolvency Practitioner
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Lisa2009

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Post by Lisa2009 » Sat Feb 09, 2008 9:03 pm
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To my reckoning you only have 2K equity so it wouldnt really be worth the creditors while as you still have 3 years worth of contributions which would give them more back.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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