hi all just 2 months away from my 5 years of paying almost £400 to my iva and they tell me i have to remortgage my house to pay it off how can this be when i have gone 5 years without credit and suddenly they tell me to get credit, and also from the outset they said they would wipe off 75% of my debt but now this wont happen, surely this is wrong, i have made all my payments on time, i wouldnt even mind paying an extra year but i dont really want to remortgage. can anyone please advise thanks
First -- read your agreement -- it is all in there. You are expected to attempt to remortgage, usually only if there is more than £5k available.
At the current time there is very little chance of getting a remortgage, but you need to try and prove refusal. Then you will get an extension of 12 months on the IVA instead.
Promises to wipe of 75% ( often "up to" 75% ) are balderdash as the point of an IVA is to pay back what you can afford -- some people manage to pay back 100%, some 20%.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You need to check your terms and conditions and also the Chairman's Report. It may be that you can get an extension if you are unable to remortgage and that will be the end of that. If you want to try and close the IVA down now you could also apply for a secured loan as a remortgage is tricky and expensive but it is unlikely that you can be forced to do so.
hi thanks for your replies guys, i would prefer neither a remortgage or secured loan if im honest and no i have no mortgage product in place, if i could find a mortgage company to turn me down that would be beneficial so if anyone knows one?
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
yes i have a mortgage, the problem is i have more than 5% equity so if i remortgage then i will have to give them most of it but if i get turned down then i will have a 12 month extension on my agreement which i would prefer to do
Your mortgage company will give you a big no, usually in writing. You might be able to try another company who will say no. I was fortunate (in one way) that I had a secured loan as well and they also turned me down.
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
ok thanks thats good news so can i ring them for a remortgage quote or is it best to make appointments in person and have you any ideas on the best companies regarding this issue
You will likely be turned down for any mortgage you go for and this could adversely affect your credit file in the future. Your own lender will almost certainly refuse but speak with your IP as it seem unnecessary to get refusals when they know you cannot remortgage anyway.
