This is my very first post to your forums.
Its good to find somewhere online for chatting to others in same situation as myself.
Im currently in an IVA and will be at end of my second year in Feb 2009.
Just out of curiosity I need to make a payment of 20k to my IP (was Debtmatters now Grant Thornton) i believe during the 4th year, (not sure if its the start of 4th year or end of 4th year) but interested in how others find getting a remortgage during the iva at that time.
Is this a simple process ? (never had remortgage before) generally are others quite successful at remortgaging ?
Anyone's views please.
Take Care
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
The mortgage market for those in IVA's has deteriorated seriously in recent months.
It's difficult to predict how the mortgage market will be when you need to find a mortgage, and equally difficult to predict how much your property might be worth when you are looking to generate this sum.
A good mortgage broker with experience in sourcing mortgages for those in IVA's will be able to simplify the process for you and give you the information you need to make informed choices.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
And you ought to check with your IP about the implications (if any) of not being able to remortgage - ie will you need to make payments for a further year?
According to Zoopla website, just did a rough check on my property market value, currently in the region of 200k, so should have some equity in it as we paid 68k in may 1993. Even though we have an endowment mortgage.
Melanie, in your experience is the lump sum usually paid at the start of 4th year ?, if this is the case obviously i will need to make payments for 2 years to finish IVA.
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
You need to examine what your proposal says about a re-mortgage as to when - most current IVA's usually want the re-mortgage in month 54 - so towards the last 6 months of the arrangement. Certainly since February 2008 that is what the Protocol compliant ones state. But it can be different so check what it says or speak to your IP (Supervisor). Also your proposal might also give you an idea as to what happens if you can't re-mortgage. Let us know what you establish.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Out of curiosity roughly how much is owed on your mortgage today?
Do you know how much your endowment policy might be worth today?
How much unsecured debt is incorporated within your IVA?
I'd suggest that you should speak with a mortgage broker experienced within this area at least three months before the point at which you are expected to remortgage.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
On my mortgage approx 65k, as only paying interest (paid deposit at start), endowment currently stands around 30k so we will be looking at hopefully selling when IVA complete. As the market is soo poor at moment.
At moment not able to check paperwork but when i started my IVA i had in the region of 130k of unsecured debts (Cards and loans). Even though my credit record at the time was very good, I was really struggling to meet the payments juggling card balances and just about meeting minimum payments. I couldn't go on as projected payments would have taken 27 years to finish card balances thats without the interest rate increases.
Andrew, i will take on board what you say about speaking to a mortgage broker at least three months before remortgaging. Thanks
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
Given that your IP was taken out in February 2007, it will not follow the IVA protocol so you should specifically look at the term of the proposal which may have been modified by creditors at the meeting.
If you have the 4th year clause, it does not matter when during that year you raise the money - but if you are then allowed to cease making IVA payments, it has to be better to address this earlier rather than later in the year.
Was the endowment policy specifically included in the IVA as well?
When the time is right, I would suggest talking to Andrew who is one of the best mortgage brokers in the adverse credit industry I have dealt with for a long time.
I'm curious as to how your IVA was presented initially as it appears as though your assets (equity in the home + endowment value) may have outweighed your unsecured debts.
Is this something that was originally discussed with Debtmatters prior to entering the IVA?
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
Thanks Melanie if i remember the endowment was factored in, and i will liase with Andrew (if he doesn't mind )nearer the time.
Andrew,
I do have one other payment i have to make each month and that is a long term secured loan, i took out for consolidation purposes, with Firstplus, approx 5 years previous to IVA, still in region of 52k i believe outstanding, currently at 706 pounds per month, iva at 525 p/m.
If i remember correctly this seemed the only way out apart from bankrupcy, which i did not want to persue as i wanted to keep my property.
Does this help?
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
We offer a FREE e-mail reminder service you can use to make certain that you never forget important dates. It can be used for one-off reminders like this, for annual items - tax the car, Partner's birthday, monthly - top up pre-paid card, etc.
