Hi There,
Money is getting very tight in our home and i think that an IVA may be the soloution. I have a few questions, and i hope that this is the correct place to be asking them,
1. Step 5 of "the IVA process" says Disposal of any assets. Could you please explain in a bit more detail?.
2. Could you please explain about remortgaging near the end of the agreement ?
3. Would my employer be notified ?.
Disposal of assets means that you may be required to sell anything of material value to contribute towards you creditors.
If you are a property owner, you will be required to have your property revalued during the final year of the arrangement and take out further borrowings of no more than 85% loan to value. Once you have paid off your existing mortgage, you will be required to put the remaining money towards creditors - but you only have to comply with this provision in the event that there is sufficient equity in the property to warrant this.
Hi
1. If you have any assets they will have to be included in your IVA pot,so shares,endowments etc.You will be able to keep your house but may have to remortgage in the final year.Your car will also be safe unless it is very expensive and/or unsuitable
2. In the final year you will be required to try to remortgage.The general maximum remortgage will be 85% of your house value less your outstanding mortgage.The extra cost of your remortgage will be limited to 50% of your IVA payment.
All remortgages will be subject to acceptance by a mortgage provider so in the event that you are unable to obtain a remortgage you will have fullfilled your obligation.There may be a clause to extend your IVA by 12 months if you are unable to remortgage.
3. No
Regards
