Full and Final IVA

bellwood

Hi, I need some advice. We have debts of just over £56k,most in my name a couple of small things in my wife's name(she didn't know, I thought I could sort it,kept hoping overtime'd come back). I got into a mess,salary dropped a lot and basically I used credit to try and keep things going-debt spiral,the mrs is devastated. She keeps threatening divorce!
A family member has offered to do a Full and Final IVA offer to settle the debts off on the understanding that it is only as a one off if the debt is settled. I have spoken to a IVA company who said our surplus income is £160 a month,they said this is low.No equity in the house.
We want the offer to be realistic to be accepted but we are not sure what that should be,can anyone advise?

ElvisPresleysCat

Hiya,

I too am interested in this. Obviously I'm interested in repaying some capital but my current situation would see me paying a high amount of debt and and associated (levied) interest for the next ten or so years. Not a thrilling prospect and that is with everything stripped back to the bone!

I have sizable debts and no equity in my house. I have also had a company shoot for the unsecured-to-secured-loan-against-the-flat trick -- something I have only just learned they can do. Although debt companies have to go to court and get a CCJ against me first, they cannot apply for this order until I to miss a payment. At that point they can then, by law, "secure" a previously unsecured debt -- i.e. a credit card -- to my flat. This is not good news and so when I come to sell my flat, that debt must be satisfied regardless of the equity state.

But I digress; the Full and Final IVA is a more attractive offer for all parties in that the debt can be settled in less time than it takes to build a universe, along with the company receiving a decent lump of the outstanding capital.

Thoughts & info on Full and Final IVAs req'd !

Thanks
Adam