Get expert opinion. This is the place for new questions to be posted.
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sponge
- Posts: 1094
- Joined: Wed Sep 07, 2011 4:25 pm
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A mortgage secures a roof over your head, a secured loan risks you losing it, there's nothing reasonable about that!
Secured loans are only for the risk takers of world Michael, such terrible things are they.
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Desperado 77
- Posts: 17
- Joined: Sat Nov 17, 2012 5:46 pm
Hi, just to clarify. The iva terms and conditions state clearly remortgage or up to 12 months extension. The secured the ip suggested had incredibly high interest rates and repayment term was 15 years and beyond our mortgage term ( so much for debt free in five years)
Ip said they didn't care 'which vehicle was used ' to raise the funds and even said bank loan or credit card could be an option . . I don't believe they are being reasonable or ethical. I have adhered to all rules but seems my ip is not
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Heretoday
- Posts: 454
- Joined: Tue Jun 19, 2012 2:51 pm
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It is all too easy for your IP to force their interpretation onto you!
The very fact that you are in an IVA is likely to mean that you do not have the resources to pay for independent legal advice!
I agree with Michael that you must be seen to cooperate with your IP, BUT if the wording of your IVA terms and conditions state clearly “re-mortgage or up to 12 months extension” then that is what you signed up to and that is what should happen!
It is often the wording and not the intent that is important.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
