Full and final

[jpj]

Thanks for your help Mike, Sadly it looks like a non starter..have looked at a few lenders in the market too and nobody will lend me a penny with my IVA in place...oh well ,guess its another 3 years of IVA payments... (

[MelanieGiles]

Given the uncertainty with the mortgage and secured lending market at present, I would warn anyone with an ongoing IVA which they are paying with ease not to jump into further lending. Things will settle down in time, and you do not want to take on expensive borrowings which will stay with you for much longer than the IVA will.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jpj]

Very true Melanie, My timing wasnt the best i must admit !! I was only looking at a 5 year loan period,(I have 3 and a half IVA to go anyway)the payments would have been in the high 400s compared to the £600 I pay a month now into my IVA, and I would have escaped the stress of 3 more annual reviews,an equity release etc. As I mentioned, the whole point of the F+F was because my business partner was giving me grief about my IVA affecting our joint business, so i will just have to see how things pan out. Evidently lenders arent lending above 75% LTV on IVA loans/remortgages at present, but maybe the world will have moved on by my year 4 85% equity release clause![B)]

[mikebdomain]

Do not take it personally jpj it is the current state of the market and in your particular case, the level of LTV required. I would wait until things settle down. Even with the NR issues I still believe the market is on track for recovery. Sub prime lenders are starting to dip their feet again, albeit with higher APRs

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jpj]

Thanks Mike...I guess I was so fixated on wondering if a F+F would be accepted after reading posts on here,that I didnt consider the actual financial side of the funding! If I had more equity in my property I wouldnt have needed an IVA in the first place! )
I presume if I looked at £10k borrowing as opposed to £18k and possibly borrowed the rest off family Im still going to hit the same brick wall?
Thanks JPJ

[mikebdomain]

Over the next couple of months at least I would say yes... Even if you did borrow much less (an amount that would take you below the max LTV) Hang on in there for a little while and look at the market again in a couple of months

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jpj]

I would be interested to know what figure you could secure me? If you would like to get my case reviewed I would welcome that.
Many thanks JPJ

[mikebdomain]

I will get kevin to review it when he comes in (about 9:15) the reason why I say hold on for a little while, is because rates are very high at the moment. I will get kevin to give you a ring and go over your options.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[jpj]

Thankyou, I appreciate your help..and if waiting a month or 2 is the best option im happy to run with that !

[jpj]

Thanks for all your help Mike. Leybridge have been brilliant and it looks like we have hopefully found a way of raising the funds to do my full and final IVA offer.
I would quite happily reccommend you to any other forum members. Your staff were very pleasant and helpful.
Many thanks
JPJ