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Posted: Thu Nov 25, 2010 3:03 pm
by David.66
I am the final year of an IVA and recently been made redundant. I am having difficulty taking out a loan secured on my house, which i have been advised to do by IVA manager.
Posted: Thu Nov 25, 2010 3:19 pm
by clare1
Are you sure this isn't a remortgage?
Posted: Thu Nov 25, 2010 7:15 pm
by Imhotep
If you're still in your IVA I'm not surprised you're struggling to get a secured loan.
Your credit rating will be shot for at least another 12 months.
Posted: Thu Nov 25, 2010 7:19 pm
by Dominic
i am surprised your supervisor is advsing you to take a loan out would that not be a breach of your IVA?
It would be in mine as it would be considered applying for credit
Posted: Thu Nov 25, 2010 7:38 pm
by David.66
I am in the final year of my IVA. I have been asked by my IP to release equity from my property, but having difficulty in getting equity/remortgage as Ihave recently been made redundant.
Posted: Thu Nov 25, 2010 8:52 pm
by briggadeen
You will probably not be able to release any equity from your property as you are still in your IVA. Your credit rating will still be shot. Your arrangement will probably need to carry on for another 12 months in lieu of this or as your circumstances have changed your IP could possibly put forward a full & final.
Posted: Thu Nov 25, 2010 9:03 pm
by Imhotep
David.66 wrote:
I am in the final year of my IVA. I have been asked by my IP to release equity from my property, but having difficulty in getting equity/remortgage as I have recently been made redundant.
Ah, well that is completely different.
It is probably part of your IVA. You need to read your proposal thoroughly to see what you can do in lieu of being able to release any equity. You may be required to make an additional 12 payments.
BTW it is not only because you have recently been made redundant that you are having problems with equity release. Your credit rating will be shot.
Did you get a redundancy package? You may be able to offer a full and final payment.
Sorry Briggadeen, I just skimmed your post (I could have saved me some time there) [:)]
Posted: Fri Nov 26, 2010 1:44 pm
by David.66
Thanks Briggadeen and Imhotep for your replies,they are very helpful.
Posted: Fri Nov 26, 2010 4:12 pm
by Drew
Also, if I may add something. If you've been paying in for 4 years and can't remortgage but have been made redundant, even if you have no redundancy package you may be able to offer full and final settlement by way of funds already paid into the Arrangement. Creditors seem a lot more understanding these days and many people find themselves in a position where they no longer have a disposable income. I'd have a chat with your IP if I were you. Who is Supervising your IVA?
Regards,
Drew