Offer to settle IVA early

aero1

HI all

I have received some great advice so far which I'm grateful for, and wondering if I can have some more please

On a previous thread I asked about early settlement of an IVA. At the time I had no idea of what the required settlement would be, or how much the creditors hoped to get paid over the life of the IVA.

I have found out that the amount the creditors expect to get in over 5 years, is £15k thereabouts. This includes the equity NRAM would hope to get released by a re-mortgage in month 54.

The actual NRAM part of the IVA is £32k.

I need to make sure the IVA does actually get paid off so do I need to confirm the amount first, then get a solicitor to draw up an offer to my ex, offering (x) amount of which (y) must be used to pay off the IVA (z) is his to keep and he agrees to forego any further interest is in the house when I can remortgage/sell once my credit history has improved?

(I'm worried basically that if I don't check and cross the t's and dot the i's, that the IVA will not be settled if I just approach my ex myself - I know he has to declare the income, but he would probably drag his heels).:o

Many thanks

tigerfeet2006

Link to Aero's thread on the BR board.

https://forums.moneysavingexpert.com/discussion/5338147

aero1

thanks Tigerfeet

DorisTrousers

The offer to the IVA should be made on a take it or leave it basis, i.e. if they refuse the money is not available at all.

The legal stuff does really need further legal advice.

aero1

Good point - thanks again.