I am almost at the end of year 5 of a 6 year IVA - I know it's too soon to worry about the re-mortgage / secured loan requirement needed at month , but it plays on my mind constantly.
I don't think I would qualify for either but having not had the best experience with Credit Fix, I do worry what they'll throw at me next.
On top of this Helidor Mortgage company took over my NRAM Mortgage and Mortgage linked loan (this is not a secured loan). I got a chasing letter sent to both myself and the ex husband for the non payment of this loan which is included in my IVA. I have previously discussed this with Helidor and they explained they are chasing the ex and not me (good luck with that!) and that at the end of my IVA I will no longer be liable for this debt. However, they won't remove my name from it at this time because its linked to the mortgage. So I asked what would happen if I then wanted to remortgage, perhaps with a partner. I was told that they would have a problem with releasing the mortgage until this debt was satisfied.
So my question is, can they do that? It's not secured and I've already been told I would not be liable. When it was taken out we were just told that if we ever changed mortgage the interest rate would go higher because it's linked to the mortgage. Not that it couldn't be carried on without said mortgage. (There is no paperwork for the mortgage or the loan as my delightful ex burnt all legal papers during our divorce!)
If it is as they suggest, surely this debt should never have gone under my IVA.
For the most part I try to get on with things, being in an IVA is really difficult, but mostly manageable. I just want to see the light at the end of this very long tunnel and now feel so close, but yet so far, as even after all this it looks like I will still have debt associated battles to contend with.
Any advise or anyone you can direct me to for advise to put my mind at ease. Thanks
I believe that CF use a third party mortgage broker, Select, to investigate equity release, which is, in fact, a positive, as Select are very experienced with IVA / mortgage issues and apply the requirements fairly and without the bias that CF might have.
With regard to Helidor --- you are still on the mortgage until such time as the IVA successfully completes and they will not consider removing your name until that time, at least. The IVA does not absolve you from a debt, it merely protects you from enforcement while the IVA is in place until the debt is written off at the end of the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy
Thanks for the reply.
So Select are fair? I am suspicious of any company that CF use.
I appreciate that I am liable for the unsecured joint loan (trust me if I could pay it all back I would), what worries me is that they’re saying that even after completion they will prevent me from a remortgage until it’s paid.
I elected to approach Select and they were professional with solid grasp of T&Cs. I don't believe anyone can force you to take any specific product from any specific provider. If you go online to high street providers you won't get far in applying whilst in IVA, flat out no and many IPs know this. Some IPs ask for screen shot or other written evidence of attempting to remortgage but failing. When time comes read and check everything, ask questions, do what is in your interests whilst sticking to T&Cs.
I took a small secured loan as I needed to move home. Rate is high bit payment was half IVA monthly payment. Lost a chunk of equity but IVA now complete and I am moving on, dues paid with peace of mind. Good luck, it is a IVA obstacle, only way is through.
