We are in the final 6 months of our IVA, stressed and looking for advice about re-mortgage.

[Stevedm2]

WE are in the final 6 months of our IVA and despite the massive outlay per month that we have had which we now think was way too high the IVA company are playing hardball when we have offered an early settlement which would satisfy the minimum pence in the pound stated on the agreement. Is seems they are desperate for us to re-mortgage no matter what we do. can anyone give us any advice as this is the most stressful period we have encountered in the whole 60+ months of payments

[kallis3]

Hi and welcome,

You will not be able to remortgage whilst in the IVA so may need to get a couple of rejections - is your IVA likely to be extended in lieu of equity?

[Foggy]

Hi. I am afraid that you agreed to the equity release roller coaster when you signed up.

The chances are that you will get a 12 month extension and this amount should be included in any F&F offer.

[Lisa Thomas]

I expect the year extension will apply to you.

BUT this is only if you have sufficient equity for the clause to kick in, which is usually £5k per debtor. Check your paperwork and consider challenging the valuation used by the IP if will make the key difference.

[Stevedm2]

Thanks so far for the advice. i just hope somebody can guide me through this as I thought making an early settlement would help the process. if anybody would like to contact me directly that can guide me through this process i would be grateful. If I cant get a mortgage then the extension for 12 months would only give a fraction to the creditors being offered.I am getting the feeling that the administrators are the ones getting the best deal from this

[kallis3]

Unfortunately you won't be able to get a remortgage so although you are clearly doing your best to pay back as much as you can, lenders don't want to know these days.

[Lisa Thomas]

You won't be able to remortgage - the 12 month extension will apply instead (subject to the valuation)

Unless you can prove you have less than £5k equitable interest you will have to pay for another 12 months on top of the remaining 6.

Your only other option is to use 3rd party funds to offer a f&f lump settlement based on the remaining 18 month payments to finish early.

Happy to chat if you want more help - feel free to call me.

[Stevedm2]

Thanks Lisa, how can I contact you directly?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas

You won't be able to remortgage - the 12 month extension will apply instead (subject to the valuation)

Unless you can prove you have less than £5k equitable interest you will have to pay for another 12 months on top of the remaining 6.

Your only other option is to use 3rd party funds to offer a f&f lump settlement based on the remaining 18 month payments to finish early.

Happy to chat if you want more help - feel free to call me.

[kallis3]

Hi Steve,

Lisa's contact details can be found by clicking on her profile above.

[Lisa Thomas]

01752 786800