I have completed year five of iva. My property is in joint names with my ex who is not part of the iva. My supervisor told me I would have to extend iva payments to seven years. Then said this was rejected as there is to much equity in property. Can they force a remortage as ex is nit included in iva and paperwork says if you cant remortage iva extends to 6 years.
What is the current value of your property, and how much do you currently owe on your mortgage? Also, does your ex-partner consent to further borrowings being taken out against the property?
Hi current value is 100,000 equity is around 44,000 which would be split. Ex is not aware at this time about possible re mortgage due to iva. I think if he agreed to this his name would be removed from mortgage and he would take his share of profits
If your original IVA states a 12 month extension I can't understand why this has been rejected by your creditors. What is the actual wording in your original Chairmans report ?
A remortgage is unlikely however you could explore the secured loan option and release some of your share of any equity
You would struggle to get a remortgage anyway even if your ex agreed to sign the foan agreement or allow you to have a mortgage on your own. Furthermore if the paperwork says you can extend the IVA if you cannot remortgage there should be no reason to go back to creditors for their views.
It seems to me to be an unnecessary variation so ask your IP why it was called in the first place.
My ex wasnt consulted directly as he was living in america.
I received a letter today saying I have to try for re mortgage if I cant get third party payment or they can make me bankrupt and reposses my house. They want 22,000. My total debt was around 24,000 I paid 0ver 250 a month then payment went up to 250 last two years payments have been 354 each month. How can they ask for 22,000 feels like I would have been better off going bankrupt
On what grounds are they threatening to make you bankrupt and then take possession of your property? Something is not quite right here - and I do think that you need a chat directly with the IP as some of the advice you are being given seems very strange to me.
They are saying if I don't re mortgage to release the equity this is what they will do. My paperwork states that if after 5 years I cant remortage then iva will be extended for 6 years. But if my ex wont agree to remortage can they force sale? Im with clear debt. I dont think they have discussed this with creditors only supervisor and the next person in the chain.
Paperwork does say an attempt should be made to re mortage but if you cant then there is nothing you can do.
Even if ex agreed to this he would probably want his equity out then to and name off the mortage so re mortgage payments would hugely increase.
Hi Jilld7276, applying for a mortgage is not the same as taking out a mortgage. You could apply without any intention of taking it out. You will invariably get refused.
You can then tell you IP your have tried unsuccessfully to remortgage and hence you should then extend by another year.
Hi thanks for that. David mond is the one that wrote the letter.
The original amount I owed was 25,406 I have repaid 16, 680 how can they ask for another 22,000.. that means I would be paying back over 38,000
I've sent this link to David Mond for him to respond to - whilst his name may be on the letter, it may not have been David personally who has dealt with this - but hopefully he will now intervene personally for you to explain the stance that he is taking in your particular case - which may well be as a result of creditor modifications that were accepted at the time of the original creditors' meeting.
