in an IVA but I have had to give up work

[flozza]

Hi,

Sorry again! I've just checked over the original dividend and they were expecting 33% return which is less than the I thought.

Thank you for all of your advice.

[MelanieGiles]

I do not think that you could raise as much as £26k, but there is no harm in applying to Northern Rock to see.

[flozza]

I've had a reply from Andrew Graveson and will contact him by phone. Do you think that 26k is over the normal remortgage amount or that it would be eith Northern Rock.

Thanks

[MelanieGiles]

Take advice from Andrew. He is a leading industry expert in this field.

[flozza]

Will do. I'll call him first thing. Thanks again..

[flozza]

Hi Melanie,

I have finally had an email from my supervisor after sending a detailed four page letter recording dates and times and how I have not recieved any communication regarding my situation. He has said he wants to try and make an offer to creditors and sort this out quickly.

Well, I've had good news on my house in that the first estate agents undervalued it by £10,00o and will put it on the market for the higher price and they feel it should sell quickly.

This means that the return to the creditors could in effect be more than %40 - is this a good return to offer? It is very close, if not more than the original dividend.

My supervisor said that I could re-mortgage (I have a broker currently searching for me) or sell, which would be better for the creditors. Is there a set time they will wait for the house to be sold? As I stated in my last post, I am in the US having lots of treatment post op and managing to work a bit, although my salary does not afford offering anything to the creditors especially with the mortgage payments, so there is no other way I can pay them, than selling or re-mortgageing my house.

I ahve to phone my superisor again tomoroow (I phoned him today and left him a voicemail - he said he has tried to contact me on a few occassions -Ive not had any messages from him or emails until yesterday!)

I'm a little afraid to phone him if he is not willing to put this proposal through. What do you advise?
Thank you..

[MelanieGiles]

A sale of your property will create more revenue to offer to creditors, as you would be unlikely to be able to remortgage more thatn 85% loan to value whilst in an IVA. So with a sale creditors will get the benefit of an extra 15%, less any monies you require to retain to fund relocation costs.

As ever, your own Supervisor holds the key to most of your queries and an ongoing dialogue is essential to enable a satisfactory solution to be found.

[flozza]

Dear Andy,

I have just been checking my emails and realised that I wanted to keep you up to date with my case. After months of letters and a final complaint letter four pages long with times, names and dates, my supervisor contatced me. He is now putting a proposal together for me to view and then to send to my creditors regarding the a full and final. My house has been valued at £125,000 and is on the market. Mortgage outstanding £79,950 plus £4000 redemption fee. The return will be roughly 38-40 to the pound - higher than the original dividend.

My supervisor has said it should be a good offer, no promises and I may have to put the house up for auction after 6 months. I have had one company try to obtain a re-mortgage with no luck. I am starting to wonder if a re-mortgage would be a good option - my supervisor said it could be one but the creditors may prefer the sale amount.

Would you consider the re-mortgage or do you think I should just try and sell. Any advise would be most appreciated.

Thank you.

[MelanieGiles]

Why not have a chat with either Andrew Graveson or Tony Parsons who are regular contributors to the forum. I am sure that either of them could get you a remortgage based upon 85% loan to value, providing your IVA has been conducted satisfactorily, but whether that is enough for creditors will remain to be seen.

[flozza]

HI Melanie,

Yes, I think I will. Andrew has been most helpful already.

Flozza

[Adam Davies]

Hi
You could remortgage but be sure that you are going to be able to manage the new payments.It's not the best time in the market at the moment to remortgage and you may pay a hefty interest rate.
Good Luck

[flozza]

HI Andy,

Thank you for the advse. Do you think I would be better waiting to see if I could sell as I have been turned down by one mortgage lender.

[Lisa2009]

I think its deffinately worth a second opinion if you really want to keep your house.
Andrew got us a remortgage. He was really helpfull and understanding and he was very "human" he chats on the phone like hes known you a long time and that really put me at ease.

Best of luck whatever you decide but dont give up so quick if its what you want.

[Adam Davies]

Hi
If you feel that you could manage the repayments and want to stay in your house a remortgage would make sense.
Give Andrew a call and explore your options
Regards

[flozza]

HI Andy and Mrs Skint,
Thank you for your posts - Ive only just seen them! Unfortunately Andrew can't help, and I have now spoken with three brokers with no joy. I am really not sure what to do now. DFD ahs asked for an offer figure for when my house sells - I sent this again along with the 5 other letters!

Yes Mrs Skint, Andrew is very easy to talk to and most supportive.

Doe anyone have any other ideas or port of calls for raising the cash on my house please??

Thank you