Hi, we have been in an IVA since 2011 and at year 5. Because during our IVA we have earned an additional income we owe a further £10,000. So far we have paid back £16,164.00 we have also received £4500 into the IVA for mis-sold PPI totaling £20,664. My Mum has also offered to gift us the £10,000 which would then take the total to £30,664. As we are at year 5 my Mum has also offered to gift us a further £4000 for the final year instead of us having to try to remortgage. The IVA company we are with have said that they have already contacted Select Partnership with a view to seeing if they can offer us a product to remortgage as they say we have at least £148,000 equity in our property. Can you tell me if we have to accept a product from them? I feel that if they can it will be at an astronomical rate. What happens if we decline their offer? I am also paying an interest only mortgage with 12 years left, my mortgage provider is sending us letters advising us to change to a repayment as we are at risk of not being able to pay off our mortgage by the date agreed. If we have to change to a repayment mortgage and a high rate remortgage we will not be able to live, please can you advise us, our IVA company seem to be very vague in their advice, I thought they were meant to be working in our best interest it does not seem this way. Thank you.
The chances are that your arrangement states remortgage or extend by 12 months --- Select will not be able to offer you a remortgage, but do have access to secured lending. A secured loan is NOT the same as a remortgage and you cannot be forced to take one on unless, at some stage, you have agreed to update to the 2014 Protocol, which does have secured lending included.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I doubt very much that they can insist that you take out secured lending - check your paperwork and if it does not say then tell them you won't be taking it out.
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
