Been paying my IVA to Freeman Jones for the past 5 and a half years. We questioned PPI refunds due to us, they have today sent an email stating that we still owe £24,263.09 to pay our creditors 100p in the pound. They have told us that there is equity in our property so we need to remortgage. How are we going to get a remortgage at 53 and both working part time hours? Wish I had never taken out an IVA in the first place!!
It is highly unlikely that you will get a remortgage and your IVA may instead be extended for twelve months. Ask your existing lender if they will advance the money but be careful of making new applications as this could affect you in the future.
Try and speak to Sarah Jolly from FJ who posts here and I am sure she will be able to advise you further. Her details are in the ask an expert section.
I believe my colleague discussed this with your husband yesterday evening and has followed up with an email to you.
I am sorry if we weren’t clear. What we said in the email (with the personal information removed) was:
“As you know one of the conditions of your IVA is that you try and obtain a remortgage in the final year of your arrangement. We understand that a remortgage isn’t always possible in which case we simply ask for evidence of this. Lenders will off course take into consideration a number of factors such as age and income when deciding whether to lend.”
In other words we are aware that you may not be able to remortgage, but we need to show your creditors that you have tried.
Our email to you outlines this and more detailed information specific to your case.
We are more than happy to call you and discuss this with you if you need any further help.
Thank you
Sarah
Sarah Jolly IMA CMAP - A member of the IVA team at Freeman Jones
