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