My iva with Payplan is due to finish Feb 2018 and I don't fully understand the equity clause? At present we owe approx £92k on a property value roughly at £126,000 so I know we have enough equity already to be asked to remortgage. Can we ask to opt for 12 months additional payments rather than try to remortgage? If we do have to remortgage, do we pay the extra mortgage costs only and no longer pay the iva payments? Could we be asked to pay back all the 'written off' debt so effectively pay our debts in full? Thank you
I doubt you would be able to remortgage,usually you are asked to try to remortgage twice (I think)
You will be almost certainly be turned down,then you will pay another year
Today 1st of December 2016 the vultures finally flew away
Pay plan are pushing secured loans as an alternative.
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.
They did actually try and push us towards this but we told them no way and just did the extra 12 months.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
I could not re-mortgage (IVA finished last year) but it did have to be put before my creditors before 12 months extra was agreed which was nerve wracking. Payplan also mentioned bankruptcy in the paperwork if it was not agreed but I refused to sign this until it was removed which they did. No way was I going to be made bankrupt after paying an IVA for 5 years. It all worked out ok though.
