Hello all, I have been looking through my IVA papers

[geoff1951]

Hello all,

I have been looking through my IVA papers, I have been passed to Grant Thornton by Blair Endersby, no probs with that.

But I have found a paragraph that I missed the first time I read the transfer papers. It says that i have to obtain two offers of a re-mortgage in the final year and pay that to my creditors.

SO ... my qustion is: what is the IVA for???, all the re-mortgage will do is put me back in debt.

[back on track]

this a standard claus if you own your own home.nearly everybody will have this claus and what it means is you must try and release a lump of any equity you may have in your house,but you prob wont be able to as your in an iva and have zilch credit score.dont know how you missed this as its explained to you before you sign the proposal agreement.it may also say that if you cannot release any equity then its normal for another 12 months to added to your 60 months.this wont put you back in debt as its nigh on impossible to do.if you are in negative equity then uless your proposal states otherwise you will finnish at 60 months

[kns]

The point of the IVA is to pay back your creditors as much as possible and if you have no equity in the end no re mortgae so happy days IVA will finish and your be debt free[:D]

[plasticdaft]

The remortgage allows unsecured creditors access to equity you may have.

Unfair that you could have 100k of equity and expect any write off of debt!

Paul

[oscar]

Hi Geoff it' a stressful time I hope you find the answers you need on the forum, best wishes
Oscar

[kallis3]

It is a standard clause these days, we all have it. You are highly unlikely to be able to remortgage so an extra 12 months payments in lieu of any equity is usual.

[geoff1951]

Thanks to all of you for your answers: FYI - Blair Endersby did not explain any of that to me.

That aside, Thanks again all of you.

Geoff

[kallis3]

Hopefully GT will go through this with you, they usually do before your proposal is drawn up so you know exactly what your are signing up to.

[Shining]

I'm approaching my 4th year and dread getting the refusal of a remortgage even though I know it has to be done and have always known. Hope it's not too painful. x

[kallis3]

There's no way we will get one - age is against us for one thing!!

[plasticdaft]

Do they not do 100 year mortgages like they have in germany? They get passed down the generations!

Paul

[Shining]

I don't want one just don't want the hassle of applying for a rejecction. x

[kallis3]

We'll try our mortgage provider and our secured loan provider (who also do mortgages) and that's it.

I know it will be rejected so I'm fine with that - just send the letters off to the IP.

[Shining]

Yeah I know I've got to do it, just don't want to still this time next year....hopefully be looking forward to last payments coming out. x

[kallis3]

I know for certain that I have the extra 12 months - way too much equity in the house. Resigned to it.