Full&Final

[G-W]

Just completed two years of my iva. Told my IP that my mortgage fixed rate deal is due to come to an end next month which will involve a substantial increase in my mortgage monthly payment. She put me in touch with a mortgage consultant who has obtained me a re-mortgage to use some of the equity in my property to offer a Full&Final. Beforehand he spoke to my IP who advised him what figure would be accepted by the creditors. My main concern is would/could the creditors take this as a one-off payment and still insist the iva stays open thereby leaving me back to square one?

[Adam Davies]

Hi
Did you have a fourth year equity release clause in your original creditors meeting ?
You would have a variation meeting and therefor an acceptance to this offer BEFORE you actually remortgaged,so No they would not.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

I've already replied to this post - are you the same as gerry W? If so, see my reply to that post.

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