I am just entering my last year of an IVA. I have been asked to apply to two lenders for a remortgage to clear the balance. I can't afford to do this. If I don't get an offer I will have to keep paying for another 12 months. What are my options?
It is almost impossible to get a remortgage while in an IVA although you could get a secured loan. If your IP has asked you to get the two refusals then your IVA may just be extended once these have been received without the need for creditor approval which could be the cheapest option for you.
If there is a need for a meeting of creditors they may ask for the equity to be released in other ways so check with your own IP.
