www.iva.co.uk

Hi all, My wife is now in the process of needing to remortgage as part of her iva, have had a valuation on our house and it looks like very little equity,we have seperate iva's , and mine does'nt include remortgage. Can we do it online, can anybody recommend any companies that will even touch people in an iva? Where do we start!?

Hi, it's virtually impossible to remortgage during IVA. If you have little equity then the IVA should end after 5 years but do check the exact wording in your wife original proposal.

Do you have the £5000 de minimis clause ?

Everything will depend upon the wording of the agreement. Some will be "remortgage or extend by 12 months in any event", some "remortgage or extend by 12 months if equity is over £5000" (and we are talking her share of the equity, not the whole lot, unless otherwise specified), some will be "remortgage" with no alternative, in which case your IP will have to go back to the creditors with alternatives. I have no doubt there are other variants out there too.

Hi, worth your wife having a word with her IP, get a valuation and if as above it shows equity of less than 5k as my own did then your IVA should conclude assuming all payments are made after 60 months.

The wording of the proposal will hold the answers or a quick chat with IP.

Thanks for that everybody, Can you explain how the de minimis clause works?

If equity available under the terms of the IVA works out at less than £5k then the property is excluded from the arrangement. There is no extension and no need to remortgage. BUT ... only if that is how your own agreement is worded.