It is very difficult if not impossible to remortgage but you could obtain a secured loan. The only firm I know would be the Select Partnership in Chester and their principal is Shaun Vickery who posts here. His details are in the experts section and hopefully he can sort something for you if you are looking to end the IVA.
You will not be able to remortgage in the traditional sense and should be looking at high street lenders for refusals. This will lead to a 12 month extension.
Alternatively, if you wish to explore the possibility of secured lending to cut the IVA short you could speak to Shaun Vickery, who has products to suit. He will also advise you if this is not the best option.
what happens if someone was trying to do this just to release some capital for themselves ? Does this money have to go to the creditors ? can it only be done to cut the IVA short as a F&F or does it just add 12 months but needs IP's agreement that the money doesn't have to go to the IP ?
new one on me, just wouldn't want someone to release with a plan for the money only to be told at a later date they should have paid that release into the IVA and have breached ??
Last edited by longslog101 on Wed Aug 26, 2015 5:39 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
It has to be done with the involvement of the IP as part of the process of an agreed full and final offer and the monies will be paid direct to the IP. This is why a firm like Shaun's, with knowledge of the restrictions and procedures, should be used, to avoid falling foul of any of the terms of the IVA and breaching the agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Isn't this the same company that IVA companies are referring people to when it comes to the shock of finding out that they are expecting a secured loan rather than attempting equity release?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Yes, this is the company some firms use, mainly because they have access to the required products and lenders. There have been a few reports from people who have been referred to them confirming that the company will say if they think secured lending isn't the best option, so I think they are on the level.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Select will show what is available but ultimately it is up to the clients and the IPs to decide whether to proceed. They are a very reputable company and to be fair any complaints from posters have related to the IP firms and not Select. Sometimes the information supplied to clients is not ideal and it can then come as a shock when they speak to Select.
