Posted: Mon Jul 30, 2007 10:36 pm
my husband is in an iva and has been for almost 3 years , it is putting a massive strain on our marriage as most debts were incurred in his previous marriage. The total debt was 60.273.
we are hoping to remortgae and offer a full and final. he has a 4th year equity clause which says he should remortgage for estimated 15000.
for the 1st 16 months we paid £205 a month with the next 17-60 months at 157 , giving the creditors i think 28p/£
from looking at the mortgage calculator we could probably get a remortgage on interest only and raise around 22000 if we get a decent interest rate. our current mortgage is for 42750 and if we remortgaged the payments would be slightly less han we ay between mortgage and iva. This should give creditors slightly more than in yr 5 if that makes sense and we would be saving on ip fees (i think my calculations are right)
would this be accepted?
i am just so worried with interest rates rising it is realy gonna hit the fan and our monthly payments to the iva would have to be reduced, meaning the creditors get less. We would rather do it now and give them slightly more. This is probably all garbled and you wont understand what i mean but hey, its worh a go.
we are hoping to remortgae and offer a full and final. he has a 4th year equity clause which says he should remortgage for estimated 15000.
for the 1st 16 months we paid £205 a month with the next 17-60 months at 157 , giving the creditors i think 28p/£
from looking at the mortgage calculator we could probably get a remortgage on interest only and raise around 22000 if we get a decent interest rate. our current mortgage is for 42750 and if we remortgaged the payments would be slightly less han we ay between mortgage and iva. This should give creditors slightly more than in yr 5 if that makes sense and we would be saving on ip fees (i think my calculations are right)
would this be accepted?
i am just so worried with interest rates rising it is realy gonna hit the fan and our monthly payments to the iva would have to be reduced, meaning the creditors get less. We would rather do it now and give them slightly more. This is probably all garbled and you wont understand what i mean but hey, its worh a go.