Any ideas ???

[kevin.f]

Is it possible to agree an early settlement with my IVA company.
Perhaps through re-mortgage, or is this not a good idea.

Thanks for your previous advice for my IVA. I have been paying it with no problems for the last 16 months but with the uncertainty over mortgage rates, i would like to change my mortgage and ideally pay-off the IVA.

My IVA agreement is that i must re-mortgage in the 4th year, by which a percentage goes to the creditors i think.

Any ideas ???

[MelanieGiles]

Hi kevinf

If you are already bound to remortgage during the final year, my gut feeling is that creditors are not going to let you away with doing that early.

If you are struggling to make the monthly payments, and with interest rates increasing at the rate they are, you may wish to consider proposing a variation to the IVA on the basis of a lowering of your payments.

Do check the terms of your IVA, as you seem a little uncertain as to what you are actually required to do during the 4th year - and also consider whether switching your mortgage now for a better rate of interest may also be worth looking at.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kevin.f]

Thanks for your response Melanie, its a great help to me.

I agree with you about perhaps re-mortgaging to a better rate.

We are currently paying an interest only mortgage. If we could do something to improve our rate, maybe to a fixed rate. It would be helpful.
My concern is that my credit rating is not allowing me to do this.

With the interest rates increasing, i am very close to the edge of my financial limit. I have already arranged a small reduction in my IVA payments.

I have missed no IVA payments or mortgage payments.

Any Ideas

[Skippy]

Hi Kevin, if you are interested in remortgaging I suggest you contact Welshboy (aka Tony Parsons) who posts on the forum. His email address is antony.parsons@btopenworld.com

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/