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Posted: Tue Sep 01, 2015 4:20 pm
by linrog
i am going to approach ip in jan 2016 with f and f offer we pay 204 per month due to finish nov 2016 but most certainly need to extend for 12 months due to equity do you think 4k reasonable offer ps the funds coming from my draw down pension which will not be drawn if offer not accepted thankyou
Posted: Tue Sep 01, 2015 4:23 pm
by lifenoteasy
I would say that it now depends on the company you are with and whether they would push for a secured loan if equity is available.
By the time paperwork is sorted out £4k may be enough.
Posted: Tue Sep 01, 2015 4:26 pm
by linrog
my paperwork says if cannot remortgage the 12 months extension im with harrington brookes
Posted: Tue Sep 01, 2015 4:32 pm
by lifenoteasy
It may be a possibility then but bear the changes in mind - there are 2 companies that are pushing this at the moment.
Posted: Tue Sep 01, 2015 4:34 pm
by linrog
my husband is 60 in 2 days time and will be retiring in 6 years if they pushed for a loan does this mean it can only be for half the monthly ammount we are paying and have to finsish by the end of our mortgage tern which is 6 years or my husbands retirement age which also is 6 years thankyou
Posted: Tue Sep 01, 2015 4:37 pm
by lifenoteasy
I think so - it just comes down what happens between now and next year around how companies are reacting.
I think some are watching others to see whether they can get away with it.
Posted: Tue Sep 01, 2015 4:38 pm
by kallis3
I'm pretty sure that the loan cannot extend beyond the length of time remaining on your mortgage.
Posted: Tue Sep 01, 2015 4:41 pm
by Michael Peoples
It is true that any form or secured borrowing whether a remortgage or secured loan caanot go past the normal retirement age. It is also true that the payments to the secured borrowings can only be 50% of the IVA payment so even if you did qualify for a secured loan the amount that could be raised may not be substantial anyway.
I think your offer is a decent one but personally I would put the proposal forward now. The variation would be that the IVA closes in January when you receive the funds so you do not need to wait until you are actually able to draw down the cash. If agreed by creditors then this may even speed the whole process up.
Posted: Tue Sep 01, 2015 4:45 pm
by linrog
oh brill i did not know that michael i will wait till i get back from our holidays just a cottage in scotland and then i will phone our ip thankyou
Posted: Tue Sep 01, 2015 5:15 pm
by Shining
Good luck from me
Posted: Wed Sep 02, 2015 4:08 pm
by Lisa Thomas
Good advice from Michael - good luck!