www.iva.co.uk

Hi, Im nearly two years into my IVA and i have a few questions which I'm struggling to find. firstly it might help if i tell you my situation. i have had a good read through the forum but find everyones circumstances to be different so its hard to get answers for different people etc

i started my IVA in nov 2020 after racking up £30k in debts I was 29yo when i first got signed (31 now) i have 4 kids and a mortgage that's in my name. initially my repayments were low due to being furlouged but i soon managed to up my payments to £500 a month and hopefully contributing more where I can.

my question is.. if i find that i can overpay more and manage to write off my remaining payments, which according to my IVA practitioner is standing at 26k, will I still be expected to remortgage my home? i would assume not because the amount owed has been payed? if i carried on paying £500 i would have paid 19k off that amount but I'm hoping that i can pay the full amount off to avoid remortgaging.

Also has anyone used hanover insolvency? i don't seem to have had a problem but I've read really bad stuff on the reviews?

I really don't want to remortgage as i want to wait until my report is clear after 6 years and look for a larger home. i have a good amount of equity in my house and i don't want to affect this.

You will not have to remortgage if, by that time, you have paid the balance of the full outstanding original debt, plus fees and possible statutory interest. Another alternative is to raise funds (usually gifted by friends or family) to make a full and final offer, which is based on paying a lump sum covering remaining monthly payments, plus 12 in lieu of remortgaging.