we are considering an iva

[siobhan.b]

we are considering an iva for debts of about 70000.00.We have worked out that we can afford about 400 per month to pay. Our house has about 35000.00 to 40000.00 max colaterial on it. my husband is 60 and we wont be able to get another mortgage again. could we be made to sell the house to pay more back in year four.

Could you also tell me when an amount is agreed on an iva does that amount stay the same or can they look for more money if your circumstances changed. Also when an amount is agreed can a third party pay it off early for you or does it have to run for five years


Hi another question please. I was told today by our advise company that they have now been told to put forward mbna debtors with 25% or more owing to them now where last week we were told this would be a problem. do you know anything about this thanks

[Adam Davies]

Hi
It is normal for your creditors to request a remortgage in the fourth year of your IVA and if a remortgage is not possible then you would not be expected to sell your house.
It may be that your will only accept your IVA if you can release equity now,your IP wll be able to advise you further on this point.
The amount you pay will vary if your personal circumstances improve.A payment reduction can only be made with your creditors approval.
It is possible to settle an IVA early but again you will need your creditors approval.
I am not aware of MBNA being a problem with regard to successful IVAs
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Creditors will certainly look for some form of equity release during the final year, and you should carefully consider your position given that you have fairly substantial equity in the property. As you are nearing retirement, you need to be careful that you do not agree to a future commitment that you are not going to be able to keep up. A mortgage is possible after the age of 65, but you do need to be able to afford the repayments - difficult if your only income comes from pensions.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp