Posted: Wed May 08, 2013 6:20 pm
Hi everyone haven't been on here for a while we are plodding on in our IVA and even though things are tight and sometimes a struggle we know we did the right thing in taking out an IVA.
Quick question though, when we entered our IVA we had our house valued (it is mortgaged) and there was approx. £20k equity in it so in our contract with our IP there is a clause that states we can either remortgage (highly unlikely I know)or pay an extra year into the IVA. We are fine with this BUT our house is falling in some disrepair (for example before xmas our hall floor collapsed (rotted away joists and all) we had to go without a lot (food mainly to scrape enough cash together to have the joists and boards replaced the plaster is not on most of the lower walls no skirting boards etc as you can probably imagine it looks a bit of a mess, then about 2 weeks ago the joists in our living room went luckily it is up a corner and we have moved everything furniture wise and cordoned it off from the kids we simply can not afford to replace this floor whilst we are in the IVA, the room is a through room and therefore large. With only a few years left of the IVA now I am wondering how this affects the final year/remortgage as the valuation is bound to much lower than it was?! Bit worried really so thought someone may be able to advise, before I pester my IP with it when it may not be relevant at all. Sorry rambling now so I will shut up [:I]
Thanks in advance
Quick question though, when we entered our IVA we had our house valued (it is mortgaged) and there was approx. £20k equity in it so in our contract with our IP there is a clause that states we can either remortgage (highly unlikely I know)or pay an extra year into the IVA. We are fine with this BUT our house is falling in some disrepair (for example before xmas our hall floor collapsed (rotted away joists and all) we had to go without a lot (food mainly to scrape enough cash together to have the joists and boards replaced the plaster is not on most of the lower walls no skirting boards etc as you can probably imagine it looks a bit of a mess, then about 2 weeks ago the joists in our living room went luckily it is up a corner and we have moved everything furniture wise and cordoned it off from the kids we simply can not afford to replace this floor whilst we are in the IVA, the room is a through room and therefore large. With only a few years left of the IVA now I am wondering how this affects the final year/remortgage as the valuation is bound to much lower than it was?! Bit worried really so thought someone may be able to advise, before I pester my IP with it when it may not be relevant at all. Sorry rambling now so I will shut up [:I]
Thanks in advance