Hi
It has been a long time since I posted on here. I an now in my final year of my IVA and I agreed to vary the terms of my IVA with debt free direct earlier this year thinking I was doing the right thing. I need to try to re mortgage for just under £10000. I am worried they will try to push me into taking a secured loan which my husband will refuse to do. The IVA is just in my name but the mortgage is in joint names. Will I be able to extend the payments by another 12 months instead. I rang DFD and asked this and they said it would be possible but my other half is having a panic, so thought I would check on here!
Chris the £5000 de minimis isn't universal and only applies to the arrangements which have this written in.
Natalie. All will depend upon exactly what was in the variation you agreed to. If there is a de minimis clause you need to get a valuation of the property to see if it will apply.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
At the time of the IVA your husband should have been aware of the remortgage obligation but a secured would not have been available then. It does depend on what is in the proposal but an extension seems appropriate.
Thank you I agreed to the variation in terms to the new iva protocol. My other half was aware of the remortgage at the start of the iva and will remortgage if possible. He is uneasy with the loan secured on the house option and will not agree to n this if the remortgage is not available. My fault for not fully understanding what I had agreed to but DFD did say if he doesn't agree to loan they would extend the term if the iva for a year.
If its the new 2014 protocol you have agreed to then it has the 85% LTV, and £5000 de-minus rule regards equity. I would check the value of your home and check what you owe on mortgage and any secured loan. Then what ever the figure is half it and that is your equity. If this is less than £5000 then i think there is nothing more to pay. Maybe an expert could confirm or correct my understanding.
