Many thanks for the replys, but am I still confused because the matter is not definitively explained in law. For instance, if one is paying £400 into an Iva having already gone interest only to do so, a return to repayment at Iva end would inevitably 'eat up' the 50% remortgage limit, is this allowable? Can one state this likely outcome at IVA beginning and instead agree at onset to a further year (if creditors demand it) of repayments?
Ultimately the IVA proposal is your offer and not the IPs. If that is the offer you wish to put forward with an explanation of why then ensure your IP does not operate the protocol IVA as there is little or no discretion for the IP and the whole subject is unclear. A traditional IVA can exclude the property and it may well be acceptable to creditors. Given the alternative that you will remain on a repayment and petition for bankruptcy creditors may support it.
I don't know if this is going to be of any value but in a previous post a few days back I mentioned the Chelsea Building Society. I telephoned them yesterday- spoke to a very helpful person - people comming out of IVAs or looking to remortgage I was told can be helped but it depends upon the circumstances of the \IVA and a reference will be required from the IP.David
The Chelsea do offer remortgages to selected IVA clients and have some of the best rates on the market. However, they have relatively strict criteria so would not be suitable for all. Good information for people on this site though as they can always check to see if they are eligible to apply.
That's interesting to know as we are with the Chelsea. Wonder if they will let us remortgage in our last year?
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 possible Jan. We have had clients who have received a further advance from the Chelsea to clear their IVA and the advantage of that is that the whole mortgage does not have to be at adverse rates. I am not sure if this facility is still available but there is no harm in asking at the time.
Michael, do you know if the Chelsea have taken over the Catholic Building Society - our PP thought they had - if so, I was told that the Cardinal would not have allowed the take over to take place unless the ethos of the Catholic was preserved which is/was to help those in difficulty. It would seem from your post that the Chelsea have a similar ethos - that is why I mentioned it in my previous post
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
That is good - if the Catholic Management or rather former managemet (or a member of it) have gone onto the Board of the Chelsea then it will be good news for alot pof people on this forum.
