This is my first post here. I have paid five years of my IVA and at the moment I have been asked to try and remortgage which up to now isnt looking possible. My I.P says that I need two mortgage declines and then he will start the last 12 months of payments to satisfy the "in lieu of equity clause" in my IVA prosposal. I have had one mortgage application declined and have posted this off to my I.P. I have since had another declined application but when I asked for this is writing Nationwide said they dont send out a letter to confirm this. What can I do now?? I dont want to have to keep going through applications when I know the answer is no. Do you think that if I send my I.P the mortgage tracking number and a letter stating that the mortgage was declined then this would be acceptable to them??
If you can give your IVA company authority to speak to Nationwide so your IP can check the information, I see absolutely no reason why not.
A quick call to your IP should answer your question. I can't see it being a problem, as everyone in the industry is fully aware of how difficult it is for clients in IVAs to get a remortgage at the moment.
I think you should be ok with this, you have proof that you have applied for the remortgage. Let your IP company know as Liam suggests.
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
Yes Melaine, it states in my IVA proposal that if I am unable to obtain a remortgage, that the IVA should instead be extended by up to 12 months. I appreciate you all taking the time to reply.
It says in my proposal that if I have less than £5,000 equity in my property then the IVA will be closed down but I have about £15,000 equity so I am assuming that the 12 month extension will now take place.
