Hi new to site Advice welcomed re IVA

HIGHBURY632

Without going into all the woe is me stuff its ben a bad few years, my partner has been suffering from post traumatic stress having been stabbed whilst at work and a by product of this has been increasing debt BUT we are determined to sort it out.
Our situation now is
My partner and I have a joint mortgage of 153k.The value of our house is 200k.
I entered into an IVA nearly 4yrs ago. My own unsecured debt amounted to 43k and my partner and I had a joint unsecured loan of 27k.Therefore my IVA was for 70k although my partner continued to pay her share of the premium for the unsecured loan. I currently pay 370 per month and have a clause that in the 4th year the property is valued and at end of IVA I am required to pay 75% of my share of the equity or 12308(whichever is greater).
My partner commenced her own IVA nearly a year ago. She had unsecured debts of 26k but again the joint unsecured loan had to be added so her amount owed was 53k. She pays 405 per month and has to inject a further 5k in the 4th year.
We have a joint take home pay of 4200 per month.

We would very much like to end both IVA’s and come up with a more straightforward set of finances. Any ideas as to the best way forward for us ??

lynzpower

welcome :Wave:

the only thing I can think of is whether you can offer F&Fs on IVAs? You both have good salaries- do you have kids? or is it just yous 2 under your roof?

Wonder whether it might be a good idea to look at doing a current SOA and then if we can bater down your outgoings, create some cash for F&F.

HIGHBURY632

Thanks for reply, I have two children but they live elsewhere so its mostly the two of us.What is a SOA ? Sorry am in unfamiliar surroundings !

HIGHBURY632

Statement of Affairs am guessing ?
What would be a realistic F and F ?

lynzpower

hiya highbury

sorry Ive been out all day

A F&F is full & final settlement- if you search using the search function at the top of the page for F&F youll see others replys. Im not sure a F&F is allowed on an IVA but it could be possible, i really dont know.

A soa is a statement of affairs. thats all your inceoms, outgoings and of course your IVA payment. read southern scousers "sticky" at the top of the forum xalled "first time posters"

How long do you have left of your IVA ?