Hi my sister is just coming to the end of her 5 year iva and she has been told that she has to remortgage her house after being told this was not possible she has now been told that she more or less has to take an 11500 loan for over 15 years which to me seems unbelievable I thought an iva helps you get out of debt is this right can this actually be true to put someone in 15 years more debt
If she is on the old protocol and has not signed anything bringing the new protocol into effect she cannot be forced to take a secured loan. I would imagine her agreement is along the lines of remortgage or 12 months extension to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014