huge thankyou to Melanie's team and Tony Parsons

[rexy]

My husband and I have our creditors meeting on 29/6/07. We are offering a full and final settlement funded via a secured loan. However we can possibly raise the money on a remortgage instead of the secured loan. The mortgage would be through Kensington and I would appreciate if anyone has any comments on this mortgage company (good or bad!) as I know nothing

[Adrian Ratcliffe]

Hi rexy,
Welcome please post some figures.
Kensington are an adverse lender as with all adverse lenders there are reasons why you are with them.
Regards
Adrian

[rexy]

Remortgage would be for £247500 (borrowing 90% loan to value against our property). It is an interest only mortgage and the rate is fixed at 6.64% for 3 years.
Alternatively we could keep our existing mortgage with Bristol and West and raise the funds for our iva settlement via a secured loan for £40000 with Future mortgages (variable rate).
The repayments for both these options are virtually the same.
Unfortunately we are tied in to fixed rate mortgage with Bristol and West until March 08 and there is a £6000 redemption penalty to change mortgage before this time. This is the main reason we initially looked at a secured loan as opposed to a remortgage.

[Adam Davies]

Hi
Credit today awards 2007

Mortgage Lender of the Year - Sponsored by Cabot Financial

Winner - Norwich & Peterborough Building Society
Highly commended - Kensington

Hope this helps


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[rexy]

Andy
Thanks very much for your response.
Fingers crossed for tomorrows meeting and will let you know how it goes.

[aguise]

Good luck Rexy hope all goes well.

Ang

[Helhan]

Good luck for tomorrow Rexy, fingers crossed!
Helen

[iva_squirrel]

Good luck for tomorrow. I hope all goes well.

Regards,



Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[rexy]

Thanks Ang and Helen.
Dont expect much sleep tonight but will let you what happens either way tomorrow.
Thanks again.

[rexy]

Thanks Julia. Will post update tomorrow.

[scaredkez]

good luck for tomorrow, try and get some sleep and keep yourself occupied, everything is crossed for you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Adrian Ratcliffe]

hi rexy,
I hope all went well it is always better to try and stay with a high street lender if possible.
I have mortgage with NR and second with Igroup.
This was due to me being self-employed.
Adverse lenders may have a habit of starting possession proceedings quicker (nature of adverse lending) and they use some quality barristers to get your property back sharpish.
I have known plenty of people make token payments and break them over and again in court with some high street banks.
My point: adverse companies have benefits of looser criteria to lend but a tougher penalty if you default.

Regards
Adrian

[rexy]

OUR IVA WAS APPROVED ON FRIDAY 29/6/07 !!!
Would have posted sooner but computer has been playing up.
My husband and I had our creditors meeting on 29/6/07 and both ivas were eventually approved.
Initially mine was refused because none of my creditors voted, but Melanies collegue Hewell managed to get one of my creditors to vote for the proposal (Barclaycard) so my iva was also approved.
Still sinking in that we finally have reached this point and would like to say a huge thankyou to Melanie Giles and her team as they have been fantastic.
Also a big thankyou to everyone who posted their support.
Good luck to all who are still awaiting their meetings.

[rexy]

Forgot to mention big thankyou also to Tony Parsons (aka Welshboy). He was extremely helpful and provided us with remortgage quotes very quickly so we knew what our options were.

[aguise]

Great news Rexy. Good luck for the future.

Ang