We are in our sixth year of the IVA due to insufficient equity in our house (only about 12%) so creditors went for a sixth year as per the IVA agreement.
That equity would be enough to put down a deposit on a bigger house which we desperately need due to growing family (our six kids are in one double and one single bedroom) and we have one toilet!
due to an increase in salary we could afford to increase out mortgage payments and still maintain the IVA payments for the remaining ten months-do you think we could do this?
or will the creditors want any equity from the house as well as the sixth year payments?
(the reason I ask we have seen a house which would be perfect)
Hi Gillian, would you get another mortgage though due to the IVA showing on your credit file I wonder? If you would get accepted for a mortgage I would speak with your IP about this. All the best and hope you get that bigger property you need for your family. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You will need to speak to your IP for clarity on whether you get to keep the equity.
You may find it incredibly difficult to get a new mortgage with the IVA on your files. One poster has managed to get a mortgage, but they have a 50% deposit.
I'd be surprised if you could get anyone to give you a mortgage whilst you are still in your IVA. You would be needing a hefty deposit for starters.
Speak to your IP as to whether this would be allowed and then try a whole of market broker to see if a new mortgage would be feasible.
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
