If we cant remortgage help

[donna23]

yes but only on mine not on hubby basicly say if i cant remortgage then the will hold a meeting to decide what to do,

I have been trying to remortgage but no one is getting back
to me its been going on for a few months now

donna x

[kallis3]

You may find that it will continue for a further year. Obviously you will have to seek the guidance of your IP on that.

As more disposable income will be released into the household income, you may find that you are expected to up your payments. Again, this is something you will have to ask your IP.

Complicated aren't they?[:)]

[donna23]

Thats what we were thinking and are happy to do but we were just wondering if that is what would happen or not.
just wish they would put it all in plain english

Thanks anyway
Donna x

[kallis3]

Let us know how you get on with your IP.

[kabby3]

Donna is there a clause in your proposal regarding equity in your property. This is the wording you should post on here. It will make reference to equity at the time of the proposal. Did you have to supply two valuations to establish if there is any equity in the property currently? If you have reduced or no equity you will not be expected to remortgage and then the extension clause may come into play. I'm in a similar position. Don't panic, your IP will probably apply for a variation meeting and that will decide what happens next. As I said post the clause regarding equity. Hope this helps x Karen

[donna23]

Yes, and yes we do have equity £12900
all it say is that if we cant remortgage then the the will have a meeting to see were we go

all we really wanted to no is with hubby iva finished will they make us pay his (£500) in to my iva to help to pay the equity that we have in the house if the said that i have to pay another 12 months

thank you everone for the help its all a big worry the girl that helped us with the iva has left now so dealing with someelse and she is not very helpfull at all

Donna x

[ivas4us]

I would think that if the IVA's are interlocking then both will be extended

[kabby3]

Firstly you have equity so you have tried to release this and no offers. So you go back to your IP tell them whats happened and they will then decided which course of action is next. If your IVA is extended and your husbands is not then you do have more income coming into the home and you would have to look at that being put forward into the pot. But stop worrying seek advise from you IP sooner rather than later they are there to help YOU !!!!