We are in the final year of our IVA, I have a few questions, my father has offer to make a final settlement on my behalf, is there any way I can work our roughly what they will accept? Also how long is the RX1 in force on our property before we can move on, is this a standard amount of time as I can't fine it in my Iva proposal.
The offer should be based on number of payments left x the current payment. You might have to factor in another 12 months in lieu of equity.
The RX1 will be lifted when your completion certificate is issued, however, you will not be able to secure new mortgage lending until the IVA drops off your credit files ( 6 years from the start date).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Hayley - you may find creditors accept a lower figure than the balance to pay as they would be getting paif off a year earlier and also there is a saving on the Administration Costs. I would recommend you speak to your IP and see what they think is fair given the overall picture. Good luck.
