Questions about Individual Voluntary Arrangements and Insolvency.

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#11367 Hi, I will have been in my IVA for a year now paying £490 a month. My debt was just over 60k. What is the possibbility of paying a one off fee and how much would that be (mum might be able to give me a lump sum to help). The creditors are expected to recieve an estimated 30p in the £... and it stats that supervisors fees will not exceed £5,875.

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#11389 This is like asking how much is a piece of string really. 30p plus fees over 5 years or perhaps less and getting it now. Think how much the £490 would be - over 48 months and work from there!
#11411 Many thanks for the post Sarah; this really is a great sight and I wish I knew about it when I was in a panic and trouble for many years. Just a quick question though - For me to initiate the lump sum proposal, how would I go about this - Do i tell my nomminee or contact them direct, and do I say how much I may get or will they negotiate the best deal. I may be able to get £18k - £20k.

Many thanks pl
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#11430 Contact your supervisor (they were your nominee until the IVA was approved!) and ask them how much would be a realistic figure. Do not tell them what you can get immediatey!!
#15359 Hi, I too have an IVA, which has been running for 15 months now at £256 per month. My total debts were to the value of £32000 with 5 different creditors.
My company supervising my IVA is McCambridge Duffy, who have told me that after a period of 4 years I will have to have my house valued with the possibility of me having to remortgage to clear the outstanding debt. They have told me that I can make an early settlemnt offer but would not advise on what would be a realistic amount.

What would be the bext option? To seek independent advice with a view to remortgaging and would that then mean my whole mortgage would be on a high rate of interest?
#15366 The creditors may be prepared to accept a reduced amount payable in the near future from a third party. It will reduce the Supervisors costs and they can get an early dividend and close off the account.

In Hattie's case I agree with Sarah. Speak to the Supervisor and get an idea of him/her of how much they think the creditors will acccept for a one off payment. Then see if your mother is prepared to pay it.

On jaymc1 the situation is a little different due to the proeprty. Find out if 1) you can remortgage 2) how much you can get, and then speak to the Supervisor about modifying the proposal for a figure of the remaining payments plus the current equity - the payments made to date should also be taken into consideration and the Supervisors fees should be reduced. Again the carrot for the creditors is to receive monies early and it takes out the uncertainty of waiting four more years for a dividend.
#23233 Thanks for advice, although i've not done anything with it yet. I'm always worried about approaching financial advisors.
How would re-mortgaging work? Would I need to remortgage the whole amount to release equity, and therefore end up paying an higher rate, or would I be able to keep the mortgae I have and take out a 2nd one to cover settling my IVA?

I do get a news letter headed 'IVA News' from a company called Tyler Morgan & Co Ltd, who claim they specialise in ending helping people ending IVA's early. It states that their maximum fee for ending an IVA early with a re-mortgage is £650.

Has anybody had any experience with this company?
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#25017 ah - so remortgage which your own IP could probably arrange for you via a third party and pay them £650. Nice work if you can get it! I am of course assuming you only pay if the IVA finishes early and you get your remortgage - otherwise where does the £650 come from?
#25613 Hi again,
Sorry for sounding dumb but does your reply mean it's a good idea or a bad idea?
I'm totally confused about what is the best way to end an IVA. Pay for 4 years, then have to re-mortgage?, or try remortgage now after 1.5 years?
If that's the case what sort of amount would the creditors accept? If I pay for the full 5 years, I would've paid nearly £16000, of which I'm sure the supervisor would get a large percentage of.
Am I best approaching an Independant Financial advisor or use one of these companies that continue to send me mailings offering to end my IVA.
Again apologies for not understanding your reply, and if you do have the time to reply again i'd appreciate it very much.

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#25632 Sorry I did not make it clear. Try approaching your supervisor yourself as they often have links with companies who do mortgages for people with adverse credit. Don't pay anyone else - will respond more later
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