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Posted: Mon Mar 03, 2014 11:03 pm
by storeton
My IVA will finish in approx. 4 years
My intrest only mortgage has only 2 years to run
I reach retirement age in 2 years
I have kept my mortgage payments upto date
Will I have to sell my property before IVA finishes to payback the capital owed to lending company(Topaz part of RBS)?
Posted: Mon Mar 03, 2014 11:30 pm
by plasticdaft
How do/did you intend to repay the capital?
Paul
Posted: Mon Mar 03, 2014 11:41 pm
by MelanieGiles
Your mortgage company will be bound to want to know what your repayment proposals are when the mortgage runs out. What is your intention in this regard?
Posted: Mon Mar 03, 2014 11:41 pm
by storeton
Went down the road of paying capital by selling house and understood risks,but needs must etc
But if I sell while still in iva I would lose what equity I have and been wasting my time being in iva?
Posted: Mon Mar 03, 2014 11:46 pm
by storeton
Have also asked for extension,but because Topaz are one of those nonbank/buiding society they say no chance
This all started 10 years ago with GMAC self certification(self employed)and Topaz is the 3rd company we have been passed onto,and none of them have been interested on how we repay the capital
Posted: Mon Mar 03, 2014 11:47 pm
by MelanieGiles
That depends upon what you agreed with regard to the equity within the IVA. To be honest, with someone whose mortgage is due to expire during the course of the IVA, more care ought to have been taken to consider this issue before you entered into the IVA.
Which IP firm are you with?
Posted: Mon Mar 03, 2014 11:49 pm
by storeton
Freeman and Jones
Posted: Mon Mar 03, 2014 11:52 pm
by MelanieGiles
That firm have representatives who occasionally post on the forum, so hopefully they will pick up on your post tomorrow and be able to advise more specifically.
Posted: Mon Mar 03, 2014 11:54 pm
by storeton
Regards Julie
Posted: Tue Mar 04, 2014 10:36 am
by Sarah Jolly
Dear Storeton
I will need to refer to your proposal and check what was proposed and accepted to be able to answer your question.
If you drop me an email with your reference to
Info@FreemanJones.co.uk we'll get in touch to discuss your current proposal and the options going forward.
I hope this helps.
Sarah
Posted: Tue Mar 04, 2014 11:54 am
by johnenla
your current proposal and the options going forward.
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Posted: Tue Mar 04, 2014 12:08 pm
by Foggy
Johnenia, please could you remove the live link from your signature ? Thanks