These rejections will stay on your credit file and could cause future problems when the IVA related debts fall off. Everyone knows you cannot get a remortgage and we receive regular updates from brokers to this effect. As Melanie suggests a letter from a broker should suffice without having numerous searches recorded on your [soon to be cleared] credit file.
I have tried to go the online route and not got far unfortunately. I have several web pages saying that the LTV is too high to give a remortgage but nothing that says these queries relate to me. I think I will take the advice of some and approach a broker, and if I am chaarged then so be it - I am just desperate to get the IVA ended. So near but so far !!!!!!
I'm supposed to do 85% LTV and am pretty sure we could do it if it wasn't for the IVA!!
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
My LTV is 86% to give my creditors all the equity; if I had a lower LTV then may get a remortgage but not enough to give the creditors. Another of those circles (
I doubt you would get a remortgage anyway - have not heard of anyone being able to remortgage at all, regardless of how much equity you have.
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
It is not the IPs job to negotiate of deal with a debtor's mortgage company - we do not have the time, do not get paid for this and would likely hit as many stone walls as you guys would!
For the cost of £100 to be paid as a cost of the estate the broker I use is happy to explore options and confirm what (if anything) is available. We don't make the rules, just have to carry them out - and I look to make things easier, cheaper and quicker rather than harder.
Happy to share my brokers details with anyone who wants to contact me off-line.
Hi Melanie,having read my post again what i was trying to put across was that when IVA protocol's and the general rules of them are decided i wondered if the people who do make the rules asked for feedback from IP's like your self to be able to address issues like the re-mortgage issue?
Do you as an IP get the oppotunity to voice your concerns to the people who do make the rules?
I know you dont have the time to go chasing mortgage companys on behalf of clients and wouldnt expect you to.
Thats the down side of writing posts when you have been at night work for 13hrs!!!![:D]
There is nothing like the information needed here to give you true guidance. As a rule of thumb, if you are financial difficulty anything over 75% is going to be challenging to deliver in a compliant and affordable way for you. Realistically you will need to expect 75% loan to value on your remortage, and that would limited options.
Happy to talk through your options on or off line.
It means that your IP should meet the cost of the report out of the funds they are holding in the IVA bank account from your contributions. It is creditors that set this requirement and therefore the IVA fund should pay.
Baldy - yes IP firms are regularly consulted about the state of the marketplace and our thoughts - both officially through the two trade associations and IVA Protocol standing committee, and unofficially by creditor representatives directly. We often go unheard, but will keep on trying to improve things for the longer term.
Borrowfrommypension that would be great. I have been told by my IP that the share of equity for my creditors is £12K but I can;t get anyone to give me a refusal in writing ! Any help you can give me would be great - esp if the IP meets the cost of any report )
Bear in mind that borrowfrommypension is a commercial company that lend money on projected figures from future pensions.
You'd be best advised to speak to your own IP initially - they may be able to assist you.
As others have said - you can always try the application online and you should at least get a refusal email which will be enough for your IP.
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
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