Posted: Mon Nov 07, 2011 1:35 pm
Me and my wifeI have an iva and would like to know if and what i should offer as way of a Full and Final payment.
I have been paying into it at £256 for the the past 8 months, this wil increase to £286 from next march.
We did the iva for 80k and have about 70k in equity in the house.
I wanted to know about the full and final because i am worried that after 4 years the iva company will ask me to get a remortgage to raise about £30k.(i dont know exactly), and if i could`nt get one they would be able to(i think it would be a lot higher rate)and i could be paying this for years.
i spoke to the company about this and they said that after 4 years i would need 2 quotes from any mortgage company to confirm that i could`nt get a re-mortage and the iva would continue for an extra 12 months.
i don`t know if i trust them, so any advise would be very helpfull.
manythanks
I have been paying into it at £256 for the the past 8 months, this wil increase to £286 from next march.
We did the iva for 80k and have about 70k in equity in the house.
I wanted to know about the full and final because i am worried that after 4 years the iva company will ask me to get a remortgage to raise about £30k.(i dont know exactly), and if i could`nt get one they would be able to(i think it would be a lot higher rate)and i could be paying this for years.
i spoke to the company about this and they said that after 4 years i would need 2 quotes from any mortgage company to confirm that i could`nt get a re-mortage and the iva would continue for an extra 12 months.
i don`t know if i trust them, so any advise would be very helpfull.
manythanks