www.iva.co.uk

Hi,

Can't believe that I am now into my 5th year of my IVA, I won't say it’s been easy, and my house is in desperate need of a face-lift, but I can almost see the light. I have to admit this year I have found financially harder than any other year while in the IVA, I think that may because I have teenage daughter who seems to be a current drain on the finances, if it’s not school trips, its new shoes etc. I am looking forward to her looking for a part time job next year when she is 16 so she can start earning her own pocket money.

Anyway on to my question, I have always thought I would be in this IVA for 6 years, no one will give me an equity re-mortgage, but now with only 11 months to go until I reach my 5 years, I am starting to think I would love this to end next year. So how easy did anyone find getting a re-mortgage? The equity in my house minus 85%LTV will be no more than £10k, I have paid £716 a month now for 4 year and 1 month, so on paper I can afford it. I don’t think my current lender ‘Halifax’ would offer me a re-mortgage as the biggest part of my debt was with them and sometimes when its hard I have been a couple weeks late paying my mortgage, I never get into arrears as such though I always pay before the next payment is due. Can anyone give me some success stories on re-mortgaging and who they used?

Thanks

Ratther than a remortgage which, if you could get one, could prove epensive in the long run, have a word with Shaun Vickery, who, I know, has access to products to effectively deal with the extension by way of a F&F. Worth seeing how the figures stack up.

I agree that Shaun would be a good person to call. A loan at half the IVA payments would certainly ease the pressure and then when your credit file is totally clear you can remortgage down the High Street or ask for funds from the Halifax to clear the loan. It is unlikely that you could remortgage but getting out of the IVA in the next few months may still be possible.

Aperture put me in touch with a company they deal with who offer you a loan, when I spoke to them I was going to be paying the same for the same amount of time (6 years) that the IVA was going to run for. I didn’t see the benefit of proceeding and decided to stay as I was. Like I say I had in my head at the beginning I was in this for 6 years, but I would love to finish this in the next 11 months. So who is Shaun Vickery? How can I contact him?

Thanks

Unfortunately raising money will be expensive for you during the IVA. Once the 6 years is up there are High Street Lenders we have access to who will look to lend normally.

Regards

Slekclarke wrote:

Aperture put me in touch with a company they deal with who offer you a loan, when I spoke to them I was going to be paying the same for the same amount of time (6 years) that the IVA was going to run for. I didn’t see the benefit of proceeding and decided to stay as I was. Like I say I had in my head at the beginning I was in this for 6 years, but I would love to finish this in the next 11 months. So who is Shaun Vickery? How can I contact him?

Thanks

Shaun is a whole of market broker with experience in adverse credit. His details can be found via the link here: memberlist.php?mode=viewprofile&u=22837

When raising against the property you are only expected to pay half of the IVA payment. The term may be longer but the intention normally is to refinance this at a later stage when your credit file is clear.

If it's something you'd like to consider there's never any harm in weighing up your options. Don't forget that once your IVA has been settled there may well be an option to review your arrangements once the IVA disappears from your credit file...this would be what we normally look to do for our clients.

Shaun Vickery wrote:

If it's something you'd like to consider there's never any harm in weighing up your options. Don't forget that once your IVA has been settled there may well be an option to review your arrangements once the IVA disappears from your credit file...this would be what we normally look to do for our clients.

I have emailed you via your contact form on your website for more advise on this.
Thanks

I've checked my emails and on-line submissions but I can't find anything from you Do you want to try emailing me at shaun.vickery@theselectpartnership.co.uk and copy to shaunv@selectps,biz.