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Posted: Tue Nov 26, 2013 7:39 pm
by mediabird
I am in the last six months of my IVA and have just received an email from my practitioner reminding me that I now have to remortgage my house. What will I do if my lender refuses to do this?
Posted: Tue Nov 26, 2013 7:47 pm
by kazzafunk
If you are unable to re-mortgage then it is normal for an additional 12 months IVA payments be made.
Has your IP asked you for an up to date valuation?
Posted: Tue Nov 26, 2013 8:32 pm
by Michael Peoples
It also depends on how much equity is in the property so get an up to date valuation and a redemption figure for your mortgage and [any] secured charges.
Posted: Tue Nov 26, 2013 8:54 pm
by mediabird
Thanks!
I think I will have equity in my house so if I do continue to pay for another 12 months will I gave to increase my monthly payments?
Posted: Tue Nov 26, 2013 8:55 pm
by mediabird
I mean have to! Sorry!
Posted: Tue Nov 26, 2013 9:39 pm
by Michael Peoples
Not unless you can afford it. There will be a review and it should be your surplus income only for the next twelve months.