Default notices

[acsn]

Thank you previous reassuring and informative answers.

Just wanted to ask another couple of questions.

If I tried to make an early full and final settlement , there is a condition that I can't in the first 2 years, but I could sell my flat after that to raise some cash; I don't have an remortgage clause at year 4, just an extra six months in the IVA. Will the default notices all sit on my credit file for the full 6 years anyway and stop me moving forward?

If I get married will it effect my IVA? My debts are all just mine.

thanks

[MelanieGiles]

Default notices will stay on your record for six years - and if your flat was not included in the original IVA you can certainly look to make some form of offer with the equity when you sell it.

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

[acsn]

Thank you Melanie,

Thought this might be the case. The IVA will be a struggle but with the default notices staying on file anyway and a fairly good mortgage deal in place it's probably better to let the arrangment run it's course. Guess I was very lucky with the flat. Maybe having to really rein in my spending for 5 years will be both a punishment and a reward.

Just a panic thought , they can't draw in the flat at a later date now the IVA has been agreed ; unless I went for a variation that would reduce the agreed dividend.

Any thoughts on the effect of me getting maried on the existing IVA.

regards

[acsn]

Sorry have just read Jan's previous post so clear on the implications if I get married. So no need to repond to that point . Should read before I post .

regards

[Adam Davies]

Hi acsn
A default will have little effect on your abilty to get a competitive mortgage but your IVa will put you in the sub prime market but this is still highly competative.
You should be in a strong position to remortage year 3 or 4 and conclude your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[acsn]

Hello Andy,

Thanks for that information.

My worry is even if I can remortgage or I decide to sell during the life of the IVA I will have used any equity to offer my creditors a full and final settlement.

I am only 12 years away from retirement. One of the reasons I faced up to the reality of my dire financial situation now.

I'm wondering if it would be better to struggle with the IVA for it's full term to leave the equity intact and 'gamble' on an upturn in property values in my area.

Am I crazy to be thinking of an IVA as part of retirment planning.

If my logic is flawed can someone let me know please.

I'm am also still unsure if , at a later date, the IP or the creditors can push through a variation to draw the flat back into the agreement or if it's safe as long as I don't either default or request a reduction in the agreed 40p in the £ dividend.

Thank you all so much for setting up this wonderful forum. It's great to have somewhere to ask these types of questions whilst still retaining anonimity.

[MelanieGiles]

If the flat was excluded at the beginning then it will remain so. If you feel that you can continue with the IVA payments, the you can always keep the equity release up your sleeve.

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

[acsn]

Thank you again Melanie,

Crazy thinking I know, but I've been stuck at home all day because of the rain.

If I can complete the full IVA term then what a wondeful return on the investment . 120% return tax free. I do feel guilty for getting in a mess but sometimes you've got to think positively or you'd go mad. Especially during that last week of the month.

I know it'll be hard but that thought and a debt free retirement will hopefully keep me going.