Been reading my iva terms. Mine states 60 monthly payments but the term is 67? Whatscthat all about?
Also it says year four a mortgage quote to be obtained of 85 of something to value? Realistically I won't have any equity. House is prob worth 125 but with secured loan we owe 150ish
Your remortgage clause means that you have to try and get a loan of 85% loan to value which isn't going to happen whether you have equity or not.
Some companies do quote extra months - I think it is to do with the tidying up a the end. You will only make 60 payments though.
If you're not sure then speak to your IP company and ask them to clarify this for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Jan is correct, the extra few months are to allow time to conclude IVA and possibly to allow for any missed payments.
Did your IVA company not clearly explain the remortgage clause
Regards
Hi
You will have to try and remortgage upto 85% of the value of your house, however it is likely that you will not be able to do this and more likely that your IVA may extend by 12 months
Regards
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The 85% thing is the LTV or loan to value(a percentage of amount of loan to the value of house). Better to know now rather than get a surprise later on,but I would expect to have to extend 12 months in lieu of equity. Your paperwork should detail what happens in the event of not being able to release equity,but is often not very well explained by the not as good IP's for obvious reasons!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
