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Subject: Property & Full & Final IVA's

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debsbaker
Posts:111

01-10-2007 2:57 AM	Alert
For your information. A client who receives funds from a sale of a property and proposes to complete a full and final IVA to settle his debts. It must be proven to the creditors that the property was not sold undervalue. Always ensure an independent valuation is completed at the time of purchase. The client must have less than £100 per month disposable income to enable the Insolvency Practitioner to place the proposal forward. If however the client moves away from the property they sold, then a Full & Final settlement can be completed. Likewise if the property is protected at the start of the purchase then everyone wins!! If you want to know more about Full & Final Settlements of Full & Final IVA's - just ask the question.

Kind Regards Debbie Baker Tip Consultancy - Financial Recovery Specialists 07790 533884

Miss MoneyPenny
Posts:14

11-10-2007 2:10 AM	Alert
Hello Debbie, Could you tell me a bit more about thise sort of settlement. I have posted on the debt forum as I own a property but have got my self in a bit of a pickle. I do have equity in my house. It's worth £200k and I have a mortgage of £140k. Thanks

Miss MoneyPenny

debsbaker
Posts:111

11-10-2007 8:15 AM	Alert
Hello Miss MoneyPenny, I'll request that Johnny Debt e-mail you about his Full & Final Settlement Process. He will give you an overview of the actual process. As you have a property involved I suggest a Full & Final IVA settlement, I'll also forward the link to Oliver Downing, he is an Insolvency Practitioner who deals with creditor settlements. A client of mine is going through this process as we speak and the feedback from her is positive.

Kind Regards Debbie Baker Tip Consultancy - Financial Recovery Specialists 07790 533884

Johnny Debt
Posts:322

11-10-2007 9:08 AM	Alert
MMP I have sent you an eMail explaining the Full & Final Settlement process. However, I would not recomend the Full & Final Settlement if you are a property owner. Creditors are would rather place a charge on your property, than agree a reduced settlement!

Johnny Debt 07957 13 13 13 JohnnyDebt.co.uk Follow on Twitter

Johnny Debt
Posts:322

11-10-2007 9:12 AM	Alert
I am talking about Full & Final Settlement - not Full & Final IVA.

Johnny Debt 07957 13 13 13 JohnnyDebt.co.uk Follow on Twitter

Odowning
Posts:6

11-10-2007 12:25 PM	Alert
Miss MoneyPenny Hi I'm Oliver from The Insolvency Network. Full & Final IVA is a common way of becoming debt free. To give you an idea of how it would work for you, can you tell me the level of debt outstanding to your creditors (unsecured) and if you have any secured loans on your property. Rule of thumb. You can borrow up to 85% LTV on your property. This gives £170,000. Minus costs of about £500, you could raise about £29,500(might be alittle less depending on valuation) If your debt is a lot less than this level, consider debt management as the option. If you debt level is more than this, IVA F&F could be for you. Hope this helps

Miss MoneyPenny
Posts:14

29-10-2007 8:53 AM	Alert
Hello Oliver, I have £27 on credit card and an unsecured loan of £12500 with aliiance & Leicester. I don't think a re-mortgage would help clear all these off. Could you advise if you think I can?

Miss MoneyPenny

Miss MoneyPenny
Posts:14

12-11-2007 2:10 AM	Alert
Sorry Oliver, Its £27,000 I have outstanding on credit cards plus the £12500 loan.

Miss MoneyPenny

taylorandrew
Posts:1

14-12-2007 3:51 AM	Alert
If you have mortgage and taken loan than there is no need to worry you can visit www.sellhousefastcash.co.uk for taking there expert help. They will help you in selling your house in 28 days and you can rent it back.

Odowning
Posts:6

08-02-2008 9:30 AM	Alert
Money Penny Sorry not been on the forum for a while. £39,500.00 outstanding (unsecured?) House at £200k (approx) with mortgage at £140k (approx) This is to give you an idea on how the Full and Final Iva could work for you... LTV on a individual with financial problems can be between 70 and 85% LTV. For this example, lets call your LTV 80% 80% of 200k is £160,000.00 Take off your prsent secured borrowing, you are left with £20,000.00 The £20,000.00 can be used to write off your £39k unsecured debt in a one off payment. You must have at least 3 creditors (not the same bank). Fees are not payable by you. They are included in the write off amount. Call me on 0870 0948040 for more information. Regards Oliver Downing Insolvency Network Group

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