www.iva.co.uk

To what extent will my wife be affected by my IVA if i choose this route? She has minimal debts and I really dont want her to be affected.

We also co own the house and due to current market have little equity.

when we have to have the house remorgaged as part of the agreement (i believe in year 3 or 4 from enquiries)
a.) will only my share of the equity be considered and
B.) when they remortgage to get at the equity will the new morgage be at a ridiculas rate due to bad credit?

Hi and welcome.

Your wifes income will only be taken into account to make sure you both pay a fair share each to the household bills.
You would only be required to release your share of the equity and the ammount the mortgage increases by should not be more that 50% of the ammount you pay into the iva each month.

Hope this helps.

Mrs Skint is spot on - the remortgage is actually due to be effected after month 54, and is based on a maximum borrowing of 85% loan to value, where only your share of the borrowings are required to be raised.

So if you have little equity in the property at the moment, depending on house pricing generally over the next five years which is unpredictable, there may not be that much to raise by that time in any case.

Hello torwizzy

I can answer part (B) of your question by saying the rate that would be available to you would be solely dependent upon your circumstances at the time.

Nobody knows what the market or rates will be in 3 or 4 years but based on past history those trying to remortgage whilst in an IVA weren`t massively penalised rate wise. There is usually a % loading from the effect of having an IVA on your credit profile.

Good luck if you go down the IVA route.Hope this helps.Tony

Nice to see you posting again Tony xx

Good Morning and thank you, hope all is well with you.Tony