we have been on a Iva for 6 yrs and due to finish in October, but we need to pay 8.5 thousand in one lump to finish it. the creditors will not let us extend the Iva because they want it all now. is there a company that would loan us this amount to finish, but are not going to charge 3 times the amount we need . we are a home owner with a mortgage.but our mortgage company will not let go any assets.
Unfortunately, you are unlikely to be able to find a loan as your credit rating is shot. Is there a family member who could loan you the money.
Speak to your company again and tell them you probably won't be able to raise the money and say you need to extend.
Which company are you with?
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
Hi and welcome. Personally I've never heard of this before. Is the loan in lieu of equity? General rule of thumb is 12 extra payments in lieu of equity, however, I do know that all IVA's are individual.
One of our experts will be along soon and I know Lisa is excellent at answering posts.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Creditors and you will have already agreed in the proposal what was to happen with the property.
If its a standard clause, on the assumption you wont be able to remortgage then the 12 month extension is likely to apply (if you have over £5k of equitable interest).
Dust off your paperwork and have a look.
Your IP should be able to explain everything to you also - give them a call for an explanation.
