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Posted: Wed Mar 26, 2008 6:09 pm
by clivet1
how will an iva effect my mortgage
Posted: Wed Mar 26, 2008 6:16 pm
by Beans on Toast
I'm sure one of the experts will jump in soon, it depends on your equity really, we have been told there will be a review at payment 54 (if IVA successful). You will then have to get your property valued and if possible remortgage to release equity to your creditors. You will need to give the experts a bit more info about your current mortgage, i.e loan to value and any secured loans on property etc. Hope this is of help.
Posted: Wed Mar 26, 2008 6:28 pm
by carlmcmullen
An IVA would not effect your mortgage, you will continue to pay this in full each month. The IVA will factor in these payments, however you may be expected to release some equity from your property.
Can you tell us a little more about your circumstances, debt level, property value, mortgage & any secured loan balances and how much you feel you can afford assuming you continue to pay your mortgage and other essential living costs.
Will help give you a better idea if an IVA is right for you or not.