so worried with interest rates rising

[w.d.y]

my husband is in an iva and has been for almost 3 years , it is putting a massive strain on our marriage as most debts were incurred in his previous marriage. The total debt was 60.273.

we are hoping to remortgae and offer a full and final. he has a 4th year equity clause which says he should remortgage for estimated 15000.
for the 1st 16 months we paid £205 a month with the next 17-60 months at 157 , giving the creditors i think 28p/£
from looking at the mortgage calculator we could probably get a remortgage on interest only and raise around 22000 if we get a decent interest rate. our current mortgage is for 42750 and if we remortgaged the payments would be slightly less han we ay between mortgage and iva. This should give creditors slightly more than in yr 5 if that makes sense and we would be saving on ip fees (i think my calculations are right)
would this be accepted?
i am just so worried with interest rates rising it is realy gonna hit the fan and our monthly payments to the iva would have to be reduced, meaning the creditors get less. We would rather do it now and give them slightly more. This is probably all garbled and you wont understand what i mean but hey, its worh a go.

[catullus]

There are a few questions you need to answer to get a sensible answer.

Are you in an IVA?
Do you have any debts?
Do you own the property jointly with your husband?
Does your husband's IVA already offer a remortgage during the course of the IVA?

[w.d.y]

i am not in an iva
i have no debts
yes it is a join mortgage
yes there is a 4th year equity clause

to my calculations if they are right..wecould remortgage and pay off the next 2 years iva payments plus the 15000 equity and have in the regio of 5000 extra to of course go to the creditors

would this be accepted?

[MelanieGiles]

Given that your husband has paid more than half his IVA contributions, that these are relatively low and that you are not subject to any IVA proceedings - and particularly as you can cite marital difficulty and the worry of increased mortgage payments in the future as well - I see no reason why an early settlement based on current equity could not be put forward. Your husband ought to discuss this directly with his own IP for further guidance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk