Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By griffy
#183669 Hi Everyone,

Just wandering if anyone could give me any advice on a full and final for my IVA

My Background

I have currently be in my current IVA for 26 months with no problems. My total unsecured debt was £59,915 across 7 creditors.
My monthly IVA payments at the beginning were £260 per month but were put up due to extra earinings in November to £320. I have to remortgage in year 4 an extra £5774.25 although i have just found out that i would have to give 75% of the equitable interest in my house so this would be a lot more.

I have recently been talking to a company called Who's Lending who i believe are part of pay plan. They are really nice people and have said that there should be no problem with getting a remortgage enabling me to pay off my IVA earlier. Just wandering if anyone could give me an idea of what sum i would need to offer for the final settlement.

The mortgage rate that they have quoted me is 7% fixed for 2 years.

Hope someone could steer me in the correct direction.

Cheers :D

By £76K
#183672 If you can remortgage now it is worth considering, you have nothing to lose in looking if they want no upfront fees. Then again house prices could crash in 6 months time. I have to raise £10K at the end but I am expected to raise the maximum available looking at things like the multiplier of salaries, available equity. I could end up paying a lot I might end up with only £10K so it is a gamble.