IVA - Full and Final offer - what to offer?

[Mrs-Kill]

Hi, myself and my husband have each an IVA through Payplan from July 2012. We have been really struggling with mortgage payments and have decided to sell our house and offer our creditors monies from the equity to clear the debt and then we will rent debt free hopefully! Payplan can't advise us what to offer, We owe £195,000 on mortgage and property should sell between £235k - £245k. I have worked out payments left over next 4.5 years are £26k but there was an equity clause at year 4 to see if we could re-mortgage. That wouldn't have worked as would only then be 6.5 years left on mortgage, we would be 57 & 59 years old and repayments are already more than we could afford/qualify for. What do I offer? All equity regardless of what I sell for less moving costs and rental costs? Just the amount I would have repaid over the 4.5 years? Would appreciate your help as process takes 12 weeks and we have just gone on market (Payplan aware) - if we sell soon - creditors could turn us down just as sale is near to completion. Thanks!

[debttydo]

Re: IVA - Full and Final offer - what to offer?

Stuff the creditors and stuff Payplan.
Without a secured asset you are in a position to negotiate with each creditor individually.
First job is to make CCA requests to each creditor to ascertain whether any of the debt is enforceable.
Payplan in my experience who are sponsored by the Financial Industry will be no use whatsoever.
Take advice from this Forum and others.
You need to get genuine independent help, you may be able to remain in your home if that's what you want.
There are a lot more remedies than a DMP with Payplan.
Don't make hasty decisions.