hi, melanie,
thanks for the prompt response,in answer to your question the loan was to pay off the existing loan on the house and the rest was to go to the creditors,the lender wouldnt lend unless i paid off the existing loan that is already secured on the house. my ip,s are dfd .
many thanks ive spoken with dfd today and they are going to try and get the creditors to extend my payments by 12 months .in light of the fact that i cant get a remortgage then i suppose this is a sensible option although they the creditors could refuse i suppose in which case the i.v.a will fail and i.ll be bankrupt.
hardly seems fair to me but life isnt is it.
anyway many thanks and let me know what you think
Hi Geoff, I have forwarded this post to Melanie to ensure she sees it.
Best wishes getting everything sorted.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Creditors are very unlikely to refuse this suggestion Geoff - given that the whole foundation of the IVA Protocol equity release provisions rest upon such similar compromise. I imagine that you are glad that you raised this issue on the forum, and good luck for a successful outcome to the IVA.
