my question is simple,february is the last payment on my iva i am now trying to remortgage the equity in the property so far the loans on offer i simply can not afford they are more than i am paying on the iva they want me to pay it for seven more years i am now turned sixty.it seems to me if i accept these terms i am signing up to more debt than i can possibly afford.ive done everything up to this point ive made all the payments over the 5 year period . do i have to accept this or is there an alternative
thanks and look forward to hearing from you at your convenience
It sounds to me that you have tried and failed to obtain finance and been unsuccessful therefore a twelve month extension seems appropriate. However, there may be something in your IVA which requires you to release equity or there could be a minimum dividend so difficult to guess without knowing the full facts.
Are they suggesting that you take out expensive secured loans rather than re-mortgaging your property which would probably be impossible given your age and the fact that you are in an IVA?
Do come back to here and tell which firm. The experts may look fearsome but they will help guide you, to avoid signing anything you shouldn't. And it sounds like what your IP company are asking, you should not be signing.
