Hi - has anyone avoided remortgaging in the last 6 months of their IVA?
We have just been asked to contact our lender to remortgage for £6000. if we were to continue to make monthly payments till the end of the term (6 months), the balance to reach 100% dividend would only be £500, obviously we would rather pay the £500 and continue with the monthly payments than remortgage.
The chances are that you will not be able to remortgage and might have to continue for a further 12 months in lieu of any equity.
Don't forget that you will have to pay fees and possible statutory interest so it might be more than £500.
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
Most people avoid the remortgage and extend the IVA for a year instead.
Check the equity calculation being used - if you can show your share of equitable interest is less than £5k (assumed standard terms apply) then none of it applies anyway.
