www.iva.co.uk

Hi. I am with creditfix. I understand that i have an annual review. They use a third party to access your bank account which i am a bit unsure about as being safe. I therefore contacted HSBC and they told me that they only get access to your basic bank details and that they cant access your bank statements etc. Is this true?

Personally speaking I wouldn't do it - tell CF you will send your statements via snail mail.

There are different levels of third party access -- personally I would not give any access to anybody!
I would also advise you to open a basic account elsewhere as HSBC are well known for closing bank accounts of those in an IVA without notice.

Try the Co-op - they are very good for people in an IVA.

Ok thanks for advice

Also in month 54 they ask you to remortgage if at all possible and release part of the equity to put back into the iva. If this isnt possible you carry on with payments as normal for another year. What are my chances of getting a remortgage in month 54 of iva??? I have worked out that obviously depending on house prices that i could end up losing the equity in my home and basically paying back full debt in full. Am i correct in thinking that???

Thu Jun 27, 2019 6:44 amgareth747 wrote:

Also in month 54 they ask you to remortgage if at all possible and release part of the equity to put back into the iva. If this isnt possible you carry on with payments as normal for another year. What are my chances of getting a remortgage in month 54 of iva??? I have worked out that obviously depending on house prices that i could end up losing the equity in my home and basically paying back full debt in full. Am i correct in thinking that???

Currently the chances of remortgaging are slim, but who can say how the situation will lie in 4 or 5 years time ? However, some post 2014 proposls also introduce the possibility of a secured loan at month 54, which is far more likely, even now.
You could end up paying over up to 85% of your share of equity, but the other limiters in the clause, relating to the repayment amount and term, in most cases, reduces this percentage.
If you did end up paying the debt back in full, you would still have "saved" a fair chunk of contractual interest.

Upon reading my paperwork there is no mention of secured loans. Just an extention of another years payments if remortgage is unsucceful. However if remortgage is succesful it states " under the proposed terms of the arragement the supervisor will be entitled to a further fee of 15% on any realisations in respect of your equity in the property". Hmmmm as much as i have debtors off my back, i dont think Iva,s are all singing and dancing. No wonder they are so keen to get people on board and no wonder the support after you have signed up is very poor.

They will try and get you to take one out but, if there's no mention in your paperwork you don't have to.

You are correct that you will carry on for another year in lieu of equity (if you have any over £5k) otherwise you just carry on. As Foggy says, chances of a remortgage are slim now and have been for a good few years.

Thu Jun 27, 2019 8:03 amgareth747 wrote:

Upon reading my paperwork there is no mention of secured loans. Just an extention of another years payments if remortgage is unsucceful. However if remortgage is succesful it states " under the proposed terms of the arragement the supervisor will be entitled to a further fee of 15% on any realisations in respect of your equity in the property". Hmmmm as much as i have debtors off my back, i dont think Iva,s are all singing and dancing. No wonder they are so keen to get people on board and no wonder the support after you have signed up is very poor.

The support you get varies greatly from firm to firm and, as I have said before, any recourse we, as debtors, have when and if things don't go to plan is pitiful. This is why we always recommend "shopping around" before signing up (although this does not preclude us being shuffled off to another firm if our chosen IP decides to sell up). Remember, also, that some firms, particularly the "factory firms" over resource the new business capture side, while, often, leaving the rest of us lacking.

Thanks for advice guys

Gareth try not to worry about the equity but at the moment.
You wont lose all your equity.
There are lots of clauses written into iva terms and you can only borrow based on what somwone will
lend you based on your affordability and your payment has to be 50% of what your iva payment is.
We did it last year and what we releases is pittance compared to what Id calculated.