My IVA advisor has said my house in jointnamesis not at risk. The loan to value is high (>85%). I asked about the year 4 revaluation, and outcomes. He said don't worry it's notincluded. But I do worry.
If the house rises in value what will happed. The mortgage is already greater than 3.5 x salary, so I doubtIwould get any remortgage and my ability to paytheIVAfisthen reduced. please help. My creditors meeting is Friday.
Your house should be ok. I don't understand about what your advisor said about the 4th year valuation. What isn't included?
Most IVA's now include the 4th year remortgage clause. If you cannot remortgage, the majority of them insist on a further twelve months payments into your IVA.
Who is your IVA company? Did they advise you of all the options available to you?
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.
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Hey tony, I'm a bit concerned that your creditors meeting is on Friday but you still have these concerns. You really need to speak to your IP again this week, before Friday, and have everything explained to you. It is very important that you understand the terms and conditions of the IVA.
If you are required to refinance in year four or five the increase in mortgage payments should not exceed 50% of the IVA payments. Therefore if you have managed paying the mortgage and the IVA for all that time the equity release should be affordable.
Ensure that whatever happens on Friday you are completely comfortable with the proposal and modifications before committing to the IVA.
