www.iva.co.uk

Hello all,

This is my first post here. I have paid five years of my IVA and at the moment I have been asked to try and remortgage which up to now isnt looking possible. My I.P says that I need two mortgage declines and then he will start the last 12 months of payments to satisfy the "in lieu of equity clause" in my IVA prosposal. I have had one mortgage application declined and have posted this off to my I.P. I have since had another declined application but when I asked for this is writing Nationwide said they dont send out a letter to confirm this. What can I do now?? I dont want to have to keep going through applications when I know the answer is no. Do you think that if I send my I.P the mortgage tracking number and a letter stating that the mortgage was declined then this would be acceptable to them??

Many thanks

Hi Claire,

If you can give your IVA company authority to speak to Nationwide so your IP can check the information, I see absolutely no reason why not.

A quick call to your IP should answer your question. I can't see it being a problem, as everyone in the industry is fully aware of how difficult it is for clients in IVAs to get a remortgage at the moment.

I think you should be ok with this, you have proof that you have applied for the remortgage. Let your IP company know as Liam suggests.

Why are you having to pay for a sixth year? Do the terms of the IVA proposal provide for this to happen in the event that you cannot raise any equity?

Yes Melaine, it states in my IVA proposal that if I am unable to obtain a remortgage, that the IVA should instead be extended by up to 12 months. I appreciate you all taking the time to reply.

Many thanks

Is this the case whether you have equity in the property at this stage or not?

It says in my proposal that if I have less than £5,000 equity in my property then the IVA will be closed down but I have about £15,000 equity so I am assuming that the 12 month extension will now take place.

Thanks again Claire

I would agree with that Claire