www.iva.co.uk

Posted: **Thu Sep 17, 2009 1:28 pm**

Hi First time poster. I am year two of my IVA and wonder what happens in year 5 when I have to try and raise equity, which at point of taken out was zero. If you are unable to aquire new finance as part of the IVA how can you get a remortgage. Also would me and my wife been in a IVA affect my daughters chance of obtaining credit if she lives with us

Posted: **Thu Sep 17, 2009 1:36 pm**

Hi Brian,

Welcome to the forum. Firstly, your daughters credit will not be affected - me and hubby are both in IVA's, daughter lives with us and has had no problems at all getting any credit.

As to your remortgage, if you cannot manage to do it, it is a possibility that your creditors may ask for a further twelve months payments into your IVA.

Posted: **Thu Sep 17, 2009 1:49 pm**

Thanks Jan
It a worry.... Reason I ask is that a company rang me last week to advise my best option was to default on my IVA and go for BR which will secure my house, because as we sit today I have no equity but in three years I might have, but because I could not get remortgage I could lose it. He said it would cost only a few hundred ponds, money i would save up because I Would not pay my IVA payments for three months, go to court and its easy as that.

Posted: **Thu Sep 17, 2009 1:55 pm**

Brian - ignore these companies! They are only out to get money from you. If you have no equity in the fourth year, you will not lose your house. Check to see what it says in your proposal, but you may just carry on for a further twelve months.

If you are happy with your IVA, then carry on with it. Don't risk losing everything following the advice this company has given you, it will only cost you money.

This forum is always here for any advice you need as well at any time.

Posted: **Thu Sep 17, 2009 2:50 pm**

Hi Brian

Phone call is another case of people trying get you to pay them to help you become bankrupt.

Take Jan's invaluable advice and ignore it!

If you do have any concerns, raise them here and/or with your IP.

Kind regards,

Posted: **Thu Sep 17, 2009 3:09 pm**

And of course we can help you with filling the forms in!

Don't pay money that you don't need to.

Posted: **Thu Sep 17, 2009 7:56 pm**

What was the name of the company who contacted you Brian? And I wonder how they have managed to find out details of your case to enable them to comment wisely on the decisions you chose to make when deciding to address your debts!

Posted: **Fri Sep 18, 2009 9:15 am**

Hi Melanie,
To be honest I would be guessing a bit, but I remember him saying he worked for a company in the North West think Cheshire, and I think he said Portman/ Portland, he was actually based on the South Coast. I have no idea wher ehe got his/ my information from, the conversation lasted approx 45 mins with me saying about 10 words, and totally bombarded with information, I have since advised him that I will not be taking up the option.

Posted: **Fri Sep 18, 2009 11:56 am**

Glad you have told them to get lost Brian - best thing you could have done.

A lot of these companies seem to be based on the South Coast - I think a lot of them are probably one and the same just masquerading under different names.