www.iva.co.uk

I owe approx 14,000 pounds and am in the 2nd year of an IVA. I believe that my property value has increased to a point wherby the equity would be able to pay off the IVA. My IVA agreement is such that i have to re-mortgage in yr4, and i believe that the company who control my IVA take a slice of the re-mortgage. I can't re-mortgage at the moment because of my credit status but by re-mortgaging i could pay off the IVA and be better off.
Or could i sell my house now and pay off the IVA. Current mortgage approx 140,000 current house value approx 170,000.

Hi kevin

You will have no problem in remortgaging whilst in an IVA - just find a broker who specialises in adverse lending. Tony Parsons, who posts as "Welsh Boy" specialises in these.

You are absolutely doing the right thing by effecting a remortgage now - especially as your debts are so low.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
Speak with your IP first because although you owe 14k I guess this is probably the remaining payments on your IVA.You actually owe close to the original amount of your debt so you will need to show your creditors that a remortgage is in their best interests and you may have to return more than what is left to pay on the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Kevin

You could in fact re-mortgage now as long as it is acceptable to your IP. The fact of you being in an IVA should not prevent you obtaning new mortgage financing as long as your IVA has been "conducted satisfactorily"-Tony

Hello Kevin,

An Individual Voluntary Arrangement (IVA) does not necessarily have to last 5 years, indeed, under the correct circumstances it is possible to arrange an Individual Voluntary Arrangement (IVA) that begins and ends with only one payment being made. This is sometimes referred to as a 'Full and Final' settlement Individual Voluntary Arrangement (IVA) or a 'One Off' Individual Voluntary Arrangement (IVA).

Creditors will often be happy to accept a full and final payment.

This will generally only be an acceptable proposal if the minimum dividend required plus the IP fees (usually lower in a full and final) can be met by the proposed full and final amount.

Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net