My IVA was transferred to Creditfix from Mitchell Farrar and I received letter about reviewing my account for the 4.5 years , I'm on my 39th month payment now. They also offer me to get a remortgage or secured loan if I want to do a final and full settlement offer. They can also refer me to a company Just lending LTD. for a remortgage or secured loan. My property is £187K on the current market and I have £98K mortgage at the moment.
My question is What maximum equity I can get on my property If I remortgage this or secured loan is better. Is there anyone you know can give me remortgage . What is the easiest way I can settle my IVA.
You are unlikely to be able to remortgage and I imagine that the interest rates on a secured loan would be high and you would be deeper in debt.
Check your paperwork to see if it mentions a secured loan, if not then you don't have to take one out.
If you have equity then you would just continue on for a further twelve months and then be debt free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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If you are going down the secured loan route it may be worth shopping around. I know Shaun Vickery at the Select Partnership has been offering these products for a number of years so see what Just Lending quote and compare the two.
It is also possible as Kallis says that an extension may be better for you than a secured loan so this needs to be properly explained. For some people it is a relief to get out of the IVA paying a secured loan at half the IVA payment. They can also keep their overtime bonuses etc and then look to remortgage down the High Street after a couple of years. Others prefer the extension so make sure whoever you speak with explains everything clearly which is why you should consider speaking with Shaun Vickery as well as Just Lending.
I wounder if the secured loan was even an option of your IVA as my understanding is this was something more recent and probably wasn't in the terms when your IVA commenced.
What will probably happen with you, like most other debtors, is that you will satisfy the IP that you can't remortgage and then the 12 month extension will apply instead.
That is if you have equitable interest of over £5k per the standard terms.
