www.iva.co.uk

Me & my hubby are now in our 4th year of IVA [:D] (and can't believe how the time has flown!!). It's now time for the dreaded valuation/re-mortgage (or not!). The silly question is, does our secured loan count towards this? Do we need to get an up to date statement for this too. Also, do we both need to get seperate valuations or will the same ones do for both IVAs? Sorry for sounding thick, but a bit unsure of this part of the IVA. Up to now, things have gone great, and don't want to fail at the last minute.

Hi makingdo.

No, I don't think your secured loan will count towards this. I also think that one valuation will do for both of you. Just ask your IP to be on the safe side.

So the money owed on the secure loan will not be taken off any equity we may have?? I find this very strange, as a secred loan is given in the first instance on equity.
Hopefully we won't have any equity anyway, so will finish as planned after year 5!

Sorry, misunderstood the question. The mortgage and secured loan come first and what it left will the equity you have and presumably you have to get somthing like 85% LTV? There's no chance of that happening at the moment!