Posted: Wed Jul 04, 2007 8:13 pm
Imagine this, original IVA proposal was to pay £540 a month for 60 months and equity release in year 4. When the proposal was done house was valued at approximately £140,000 with a £129,000 mortgage.
We have been paying £540 for twelve months and therefore repaid £6,480 of the original £32,400 agreed in the proposal on debts of £100,000. Our annual review has just been done and next month our payments will increase to £900 due to increases in income.
What if, lets say some kind (brave)family member offered to take out an unsecured loan of £25,000 and I offered this in full and final settlement. Effectively I could settle my IVA and instead of paying £900 a month for my IVA for the next 4 years pay a family member less than £900 to cover the loan instead.
I guess I am clutching at straws and just dreaming of an IVA free life! Also will my creditors already know that we will be paying £900 from now on and in which case will not accept such a low offer?
DM
We have been paying £540 for twelve months and therefore repaid £6,480 of the original £32,400 agreed in the proposal on debts of £100,000. Our annual review has just been done and next month our payments will increase to £900 due to increases in income.
What if, lets say some kind (brave)family member offered to take out an unsecured loan of £25,000 and I offered this in full and final settlement. Effectively I could settle my IVA and instead of paying £900 a month for my IVA for the next 4 years pay a family member less than £900 to cover the loan instead.
I guess I am clutching at straws and just dreaming of an IVA free life! Also will my creditors already know that we will be paying £900 from now on and in which case will not accept such a low offer?
DM