remortgage

[cheryl]

myself and a friend share a mortgage which began in aug 2005 and has approx 148000 left on it, we also have a secured loan on property which began feb 2006 and has around 30000 left to go. the house is now probably worth around 190000, so if i were to begin an iva now, would i have enough equity left at end to remortgage - as i thought they would only allow a certain percentage of properties value. would i still qualify for an iva even if i werent able to free any equity at end. also when working out affordable payments do any benefits come into consideration such as working tax credits or is it just wages they count, and would i have to sell my car to pay off some of debt at beginning

[Welsh Boy]

Cheryl

If you presently have a property worth circa 190k and currently have secured lending against it of 178k it is not very likely that you could remortgage and capital raise at this present time. If you were to begin an IVA now the question of whether you would have enough equity at the end of or indeed during your IVA would depend solely on the potential increase in value of youe property. To be able to re-mortgage at the end or during the IVA you would need to ensure your IVA was "conducted satisfactorily" i.e. you meet all the payments. The implications of doing this would need to be discussed with your IP. The rest of your questions with ref to IVA would have to answered by an Insolvency Practitioner. Hope this of help.

[neverending]

Further to Welshboys advice.
You may still have to remortgage year 5 as your property could grow by many thousands[it could also not !!] However if you are unable to remortgage because of costs[income,house value]then some IVAs allow for a one year extension[6 year term]instead of a remortgage.
Regarding your car....If it is on HP then you will almost certainly be able to keep it and to keep paying it along side your IVA.Once payment of your HP has finished you would be expected to increase your IVA payments by the amount of your HP payments.If your car is not on HP then again you will be able to keep it if you need to have a car and it is of no huge value...i,e a merc/lexus etc etc but discuss this with your IP as I guess they will all have differing views.
Regards