Is it 'above board' for my partner to have to remortgage or pay for another year ?

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Pauldk 98

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Post by Pauldk 98 » Tue May 10, 2016 3:36 pm
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On behalf of my partner who is coming to the end of a 5 year IVA and has been making regular payments but told that at the end of the IVA, she will need to re-mortgage her property or have to pay for another year. Is this is 'above board'.
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NTF Financial Solutions

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Post by NTF Financial Solutions » Tue May 10, 2016 3:46 pm
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In simple terms yes, it is a usual term of any IVA that homeowners need to look to release some equity in the last year of the IVA, or make 12 extra payments. Ask your partner to look at her proposal documents for the exact obligation.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
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Foggy

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Post by Foggy » Tue May 10, 2016 4:07 pm
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As NTF says, this is a usual condition and should have been discussed at the outset. It will all be detailed in the paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Tue May 10, 2016 4:11 pm
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Yes - usually applies if net equitable interest is over £5k.

Your partner will need to check their proposals and any modifications (and subsequent variations) for the answer.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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lifenoteasy

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Post by lifenoteasy » Tue May 10, 2016 4:22 pm
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The issue may be if a secured loan is identified but it is not clear from the agreement that it was an option for consideration.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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