As we are about to go through our 3rd Annual Review we're going to have to start thinking about the re mortgage.
We've already paid 50% of the debt back (being 7k in front of the agreement at this stage) and I've worked out if we maintain the current payment until the end we are likely to pay all but 3k back.
Our original agreement was that we re mortgage or up the payment to pay in extra.
As we've already pay £100 per month more than the original amount agreed and we have paid back 50% with it looking like they'll only have to write off 4% my question is would we need to re mortgage.
It's not looking possible to do a re mortgage anyway. we can only have an LTV of 80% and we already have more than that. House is worth 135k and mortgage is 119k
As I have to contact my IP about the issue of the dividend I thought I'd try and get this sorted at the same time so we know where we stand.
Interesting one this - I would be inclined to ask your IP to submit a variation to your creditors pointing out all of this and asking them to remove the re-mortgage obligation now.
The fact that crediors will be receiving more than what was anticipated should hold you in good stead.
Good luck.
Last edited by David Mond on Sun May 24, 2009 10:22 am, edited 1 time in total.
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.
Thanks David. As they have to do the creditors report for the Annual Review anyway it would be a good time to get them to do that.
Do you think it would be a good idea to get the house properly valued before and a mortgage statement so I can backup my figures
Yes I do and it will save on costs if they do the variation with the Annual Report.
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.
I would not advise varying the arrangement to remove this clause now. The fact that you have made additional payments is circumstantial, and is in the spirit of the arrangement in any case. If there is to be any variation, it ought to be done at the time you know you will not be able to remortgage, rather than you assuming that this will not be able to be done in the future. At that time, the offer of variation is far more robust, and who knows what will happen in the meantime.
Well Mel and I differ so you have two different opinions - it is up to you sharonc30 to decide.
Last edited by David Mond on Sun May 24, 2009 11:49 am, edited 1 time in total.
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.
Thanks for all the advice. I've got a little time to sort things out before the annual review.
I can propose the variation doesn't mean they will agree to do it. Then maybe my IP will tell me what the best option is.
I would definately stick to your own IP to get specific advice of your particular case. Neither David nor I know the full facts, and your own IP is best placed to help you.
Yes have a chat with your Supervisor (IP) and see what he/she suggests - then you can decide.
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.
