ENDING IVA EARLY

[molly16]

hi,
am new to these forums although i hvae been reading them for a while .
i have currently been paying into my iva for 2 years.it is joint, my husband and myself. we had debts of 100 k, loans credit cards .... it all happened after 3 babies, 3 lots of maternity pay , where i lost £1200 a month from my salary, then took unpaid leave . during these times we did live on the credit cards and when they kept upping the limits and offering new cards ....... well need i say more... learnt the hard way. the iva started nov 2005 but we had made 3 payments prior to it all being agreed, it has been taking into consideration of the 60 payments to be made.
as most ivas we have the clause in year 4 for remortgage. we currently pay £539 a month into our iva however , whether it is satndard practice we have been recieving letters, saying end your iva early ? ( jefferson hobbs ) . after thinking about this we think we have roughly £60 - 65 k equity in our house. what would our chances of ending our iva early. should we talk to our superviser ? any advice would be gratefully recieved. another 3 years seems like a long time , but will have mmanaged to pay off a lot of the debt we accumulated.

[Lisa2009]

Most of us have been recieving the same letter fron jefferson hobbs.
To be honest, they cant do any more for you than you could do for yourself with the right mortgage broker.
Contact your IP and ask about settling early.
I am acually in a similar situation and wanting to settle early due to marriage problems and incresing interest rates and have been told to get a firm remortgage offer, present mortgage redemption certificate and a current valuation. These are to be sent with a letter explaiing my reasons for wishing to settle early.

[molly16]

cheers skint . are there any good mortgage palces that deal with people in ivas? we were at loss prior to the iva and agreed to anything. i think the creditors were harsh on us as we ran up so much debt in a short space of time and they want all the equity. our mortgage is currently with northern rock.

[Lisa2009]

There is a mortgage broker on this forum who posts under the name of "welshboy"
Also there is a company called Bright Oak and you can find their number if you google it.
Good Luck with it

[Lisa2009]

Beware though, its not always easy to end early when you have a 4th year equity clause beacause if it were to run its full 5 years, the creditors have the benefit of monthly contributions PLUS the equity at the end

[mikebdomain]

Hi molly16

It is worth talking to a mortgage broker to discuss the options that are available for you, any broker can tell you about the mortgage products that are available to you based on your wants, needs and circumstances, but you need to talk to one who is able to give advice and who has experience of dealing with IVA'a.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

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[Adam Davies]

Hi Molly
To be honest with you it would be very unlikely that your creditors would agree to an early settlement now as they have the fourth year equity clause already in place.They would rather get two/three years further repayments and then the equity release.
If you had a reason that may stop you from completing the IVA then there is a chance that they will accept now,rather than it failing.
Have a word with your IP
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