IVA advice, i want to keep my home

Gimpsdad

That is coming at it from the wrong angle really, you would be better off establishing how much you have available. It stands to reason that the higher the amount on offer, the more creditors may find it attractive, but there is no hard and fast rule.

Some IP's may indicate that you should aim for, say, £20k, whilst others may say less. Ultimately, it will be your creditors that decide whether to accept it or not anyway. All that said, as there are 2 of you and NR assumedly is joint, my own instinct would be to say that anything from around £10k upwards would form a very attractive return, at least when compared to BR where, as you rightly say, they face getting very little.

Alternatively, would it not work out cheaper for you to relinquish the hosue, saving up the mortgage payments by not paying for 3 months or so will help with immediate expenses, and then add any shortfall into a BR? Renting is, in effect, all you are doing now anyway as the house is worth very little to you. Even if you are liable for an IPA/IPO, the total cost in cash terms of the BR fees and possible contributions should be considerably less than borrowing the money and then having to pay it back afterwards, and still being stuck with a valueless house anyway. This is especially relevant if you are on interest only, as you are never paying the debt down, simply relying on house price increments as a way of building equity over a period of time. Worth thinking about I reckon.

Anondebtadvisor

If you are looking at a F&F i agree that a figure between £10k and £15k would give an attractive return to creditors and fulll and final IVA are becoming more common ans people living costs are increased and have hardly any disposable income to offer a monthly payment over 60months

Seek some advice and speak to a few companies as not all will propose the IVA in the same way and you will find one that is right for you

All the best