Paying off a IVA & Mortgage! Please Help x
Hi Eveyone,
I am new to the site and i'd like some advice and help please, its a bit of a long one, sorry.
I'm currently on a IVA with payplan and i am halfway through my 5 years.
I have a mortgage with my ex who has nothing to do with the house and i want to get him off, the only way for me to do this is to be able to take the mortgage over on my own, and i'm unable to do this until my credit improves.
My dad has said that he will pay off my remaining balance of the IVA which is around £3600, can we pay off the remaining balance or will they want the full balance of the debt which at the time was around £8000.
thank you in advance,
Charl x
I am new to the site and i'd like some advice and help please, its a bit of a long one, sorry.
I'm currently on a IVA with payplan and i am halfway through my 5 years.
I have a mortgage with my ex who has nothing to do with the house and i want to get him off, the only way for me to do this is to be able to take the mortgage over on my own, and i'm unable to do this until my credit improves.
My dad has said that he will pay off my remaining balance of the IVA which is around £3600, can we pay off the remaining balance or will they want the full balance of the debt which at the time was around £8000.
thank you in advance,
Charl x
0
Comments
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Your IVA company can put forward what is called a full and final offer in a variation. You will need to have a valid reason for this and for it not to continue for creditors to consider it, otherwise they have the opportunity for not only the remaining funds but any additional monies etc also.
Usually creditors are more likely to accept when their is no affordability left for the IVA, which based upon what you are saying does not seem to be the case.
It is positive that you are offering the same amount as you would pay in on the basic payments if you continued, as then it is meeting the original p in the £ they agreed, however from your post I can't see a compelling reason as to why a creditor would agree. If you father offered more, then this could be an incentive to agree.
The creditors were also expect you to report on the equity in the property as part of the variation as it is an asset. Is there any equity? If there is and you are saying you will be looking to remortgage the creditors would be querying why this equity isn't then being paid towards the debts.
Have you enquired about the chances of getting a remortgage when an IVA is showing on your credit file? If settled early it will show as closed but it will still be on your credit file for 6 years form the start date.0 -
Not sure I entirely agree with that. Creditors, if offered the remaining payments that they are due, and providing the money is from a 3rd party, are highly likely to accept a full and final offer. A bird in the hand is worth 2 in the bush. Equity does play a part, but I don't see a massive issue with that. You do not have to give a reason why you want to settle early, but if asked you could say that your father wants to help you out, that should be sufficient.0
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