hello,
I am on my last 5mths of my iva, due to finish in may!!! Have not be able to remortage due to 1 : my house going down in value thus not having enough equity stated in our iva agreement. 2 : not being able to remortage due to present climate and after trying 8 companies and also a financial advisor who specialises in people with iva's had no luck as nobody lending any money, do you think we might have to have our iva extented,? thankyou
look forward to hearing from you.
ps, we have no arrears..
Your IP will have to revert to creditors to see if they will accept contributions to date as full and final settlement. However, if there is equity it is likely that your IVA would be extended by up to twelve months as you are unable to raise this. Although an extra year may seem harsh it is better than having your mortgage payment increased substantially for the remainder of the mortgage term.
Assuming that you entered into your IVA only seven months ago, given the economic climate known at that time it would probably have been more prudent to have allowed the IVA to run over a longer time in the first place.
Would you be prepared to sell the property in the meantime?
