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Full and final IVA question
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fuddlemuddle
Posts: 3 Newbie
in IVA & DRO
I owe approx £80k from a property repossession shortfall so only one creditor (long story that i will not go in to). There is about £25 k equity in the home house where I live with partner and 2 children. House is in joint names. The £80k shortfall comes from a buy to let "investment" that was in my name only so the debt is just mine.
Family members and my partner can come up with about £28k to offer as a full and final settlement. My question is will this be likely to be accepted. Also if accepted does that mean that my house is safe or can creditor come back in five years to release equity up to 85% of the future value.
Family members and my partner can come up with about £28k to offer as a full and final settlement. My question is will this be likely to be accepted. Also if accepted does that mean that my house is safe or can creditor come back in five years to release equity up to 85% of the future value.
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Comments
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Bumping up the queue..0
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Get a couple of estimates of your property value on a "forced sale" basis. This may give you a better idea of what the property is worth should you have to sell it in a hurry.
Next, complete a SOA to see if you can afford anything on a monthly basis. If you can, using CCCS guidelines, get to a figure of under £100 then you are in a strong position.
You can then either offer an informal settlement, you hold the aces and can offer what you want. If you don't like the offers you get back then you can ask an IP to propose a one off IVA for you.
Either way, I doubt very much whether you will need the full £28k although the formal route does generally, not always, get you a better deal.
Good luck.0 -
Thanks. I am anxious to get it done and dusted with the one payment. I do not think my SOA will show any surplus. Although 25k equity in property only 12.5k of it is mine. I do not want the process to drag on for 5 yrs so hopefully a lump sum payment of 20k plus will satisfy the creditor.0
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