Hi All,
Just looking for some advice really. My husband and I both have IVA's and are entering our 4th year next month. When the IVA was first set up, we agreed to release £3900 (myself) and £1000 (husband) in equity. 6 months into the IVA we asked for a variation as we had a baby and my hours/salary dropped significantly. The variation agreed was to extend both IVAs by 12 months, and once our HP finished in July 2011, to give the money saved from that to the IVA for the remainder of the term. It is due to end in Sept 2012.
Today we have received letter explaining that we need to release the equity asap, and that if we are unable to release it, if we provide proof, then they will consider extending them by 12 months or consider allowing a family member contribute. I rang up my mortgage company who said they have no funds at all and are not offering any remortgages. I've contacted a few adverse credit mortgage companies who say that the maximum mortgage currently is around 76%, we need about 85-90% depending on the current value of our house.
What I need to know is...is there even a time that an IVA will be extended beyond 6 years? I've worked out that it would only take an additional 8 payments to pay off the equity release amount. Also, they have told me that i could make a full and final om my IVA for an amount of £4500, thats including the equity release of £3900, so personally i think it would be stupid of me to raise only £3900 and not the extra £600 to completely come out of the IVA!!
I think our chances of releasing equity and very slim, not entirely sure any family have the funds to offer, and not sure they will allow us to extend any further.
Thanks
Vikki
