Search found 26 matches

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by cowboys14
Fri Nov 02, 2012 2:11 pm
Forum: Ask IVA Forum and Industry experts
Topic: Now I have sold my property can IVA be varied back to 5 years from inception ?
Replies: 9
Views: 1342

Thanks for the replies guys... just to update you, I had a long conversion with my IVA company yesterday and they too ( as Melanie says ) think my reasons for requesting a variation are reasonable and they are going to try to arrange this for me so fingers crossed!
by cowboys14
Wed Oct 31, 2012 6:15 pm
Forum: Ask IVA Forum and Industry experts
Topic: Now I have sold my property can IVA be varied back to 5 years from inception ?
Replies: 9
Views: 1342

Hi lem, I don't know if the original proposal asked for a specific equity release sum without looking... what happened was I was struggling with mortgage payments and asked the IVA company's advice. I told them I was around £21k in negative equity, so they said OK we will go for a variation to cover...
by cowboys14
Wed Oct 31, 2012 5:54 pm
Forum: Ask IVA Forum and Industry experts
Topic: Now I have sold my property can IVA be varied back to 5 years from inception ?
Replies: 9
Views: 1342

Hi Guys, I am over 3 years in to my IVA and I had a variation last year to take in to account a potential shortfall on my mortgage of around £21k and the IVA was taken over an extra year. When I was selling my house earlier this year, my mortgage lender refused the short sale. After negotiating a s...
by cowboys14
Thu Jun 07, 2012 7:43 am
Forum: Ask IVA Forum and Industry experts
Topic: Mortgage lender refused short sale... What next?
Replies: 12
Views: 3342

Thanks Melanie... that is what I will do but they are being totally inflexible so they probably won't care.

Thanks for the advice.
by cowboys14
Wed Jun 06, 2012 11:22 pm
Forum: Ask IVA Forum and Industry experts
Topic: Mortgage lender refused short sale... What next?
Replies: 12
Views: 3342

I am glad things worked out for you Anna. We just feel so trapped and no-one wants to offer us any help. I am going to seek professional advice from a few different people before deciding what to do but I know at the back of my mind that handing back the keys is what we will end up doing. The irony ...
by cowboys14
Wed Jun 06, 2012 6:14 pm
Forum: Ask IVA Forum and Industry experts
Topic: Mortgage lender refused short sale... What next?
Replies: 12
Views: 3342

Hi Sponge.. I don't want to fail it but if I carry it on until the end, that particular debt will be no more but I will still have the mortgage shortfall which will become an unsecured debt if we voluntary terminate. It was just someone who answered the phone at my IVA company but he was sympathetic...
by cowboys14
Wed Jun 06, 2012 5:35 pm
Forum: Ask IVA Forum and Industry experts
Topic: Mortgage lender refused short sale... What next?
Replies: 12
Views: 3342

Hi Guys, I am 3 years in to an IVA just in my name. We have finally sold our house which has a joint mortgage but we have a shortfall of around £30k. Mortgage lender called me today to say they are refusing the short sale and offering us no solutions to pay the shortfall back. The mortgage is over £...
by cowboys14
Sat May 05, 2012 11:32 pm
Forum: Ask IVA Forum and Industry experts
Topic: Selling my house in negative equity.
Replies: 5
Views: 2391

Selling my house in negative equity... Hi Guys, I have finally sold my house after being on the market for a year. My mortgage is really expensive and I have been paying just the interest for the past 12 months. I owe about £212000 and I have just agreed a sale at £189950 leaving me £23k upside d...
by cowboys14
Sat May 05, 2012 11:23 pm
Forum: Ask IVA Forum and Industry experts
Topic: Just sold my house but have mortgage shortfall...
Replies: 2
Views: 1203

Hi Guys, I am looking for a bit of advice and reassurance please... Having been in a massive mortgage that we can't afford and paying interest only for the last 12 months, we have just sold our house after being on the market for a year and we will have around 25k negative equity. I am 3 years in to...
by cowboys14
Sat Mar 24, 2012 11:37 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

Daniel, Please don't take any offence...I am grateful for all your advice thats why i use the site. I think I made a wrong decision before so now I want to consider a lot of other opinions before I decide what to do next. When I took out my IVA it seemed the best solution because we could afford the...
by cowboys14
Fri Mar 23, 2012 9:29 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

Thanks for the support Anna and Broke. I think Daniel just doesn't realise that at the time of taking out my IVA I wasn't contemplating bankruptcy at all because I could afford my mortgage repayments. So much has changed since then and now I am in a house that although I love it, I begrudge paying s...
by cowboys14
Fri Mar 23, 2012 2:01 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

Also, how do any of you experts rate Tenon as a provider of insolvency solutions? I don't see many people on here talking about them.
by cowboys14
Fri Mar 23, 2012 2:00 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

Daniel, I decided to do an IVA rather than bankruptcy in 2009 because we wanted to stay in our house and the mortgage was affordable then. My income dropped considerably at the end of 2010 and I had to draw up new income and expenditure forms etc and the mortgage became even harder to pay. It is a r...
by cowboys14
Fri Mar 23, 2012 7:48 am
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

If that is the case that I can't sell my house until I have equity Daniel, how come my IP has sorted out the variation to my IVA to go over an extra year and take in to account around £20000 potential negative equity?
by cowboys14
Thu Mar 22, 2012 11:20 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I let my IVA fail and go bankrupt?
Replies: 30
Views: 6834

Thanks for that Broke. We could keep paying our mortgage until we have equity again but it is £1300 a month and still has 27 years to run and I can't see it being anything less than 15 years the way the market is until we are in equity! I was contemplating going bankrupt then renting places and savi...
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