wife's employment may be at risk due to IVA

[Patrick]

I am considering re mortgaging to pay off my IVA. This is for several reasons, of which my wife's employment may be at risk due to having an IVA being the main factor. I am still in the first year though. What will I be expected to pay (i.e is it the total sum of the 5 yr monthyl payments), do I come to an arrangement via the IVA IP, and is it feasible to get a re mortgage at a good rate.



Pat

[MelanieGiles]

Hi Patrick and welcome to the forum

Do you already have a final year equity release clause? If so, your IP will need to convince the creditors that there is a real risk that your IVA may not run its course, due to the risk from your wife's looming redundancy. Ask your IP to work out a settlement figure for you - I would suggest based on achieving the dividend already pledged is a good starting point.

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

[iva experts]

Hello Pat,

I would contact your I.P as soon as you can, express your current situation regarding your wife's employment. They will then come up with a figure that they believe the creditors will accept.

Also you might want to check your terms and conditions as there maybe a clause which prevents any changes to your contribution for the first 24 months.



Best Regards. IVA Experts

[iva_squirrel]

Hi patrick,

Is your IP aware of your situation? If not i would contact them as soon as possible and explain your concerns. Ask your IP what could be a good settlement figure I'm sure they will find the best solution.

Regards,
Michelle P.

[mikebdomain]

Hi Patrick

It might be an idea to talk to a mortgage broker first to detirmine IF you are able to remortgage based on your wants, needs and circumstances AND it would also give you an idea of the money that would be available to you, for your offer for a full and final settlement.

All mortgage brokers who are authorised and regulated by the FSA will offer you advice free of charge.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

[Patrick]

Melanie,

My IVA practitioner's mortgage dept has informed me that they are not willing to assist with a remortgage, desptie my wifes employment concerns, and also that a final settlement figure will not be the sum pledegd for the entire course of the IVA, but a complete review and the total sum owed to creditors prior to the iva being set up.

I'm at a bit of a loss what to do now, any advice much appreciated.

Hi Patrick and welcome to the forum

Do you already have a final year equity release clause? If so, your IP will need to convince the creditors that there is a real risk that your IVA may not run its course, due to the risk from your wife's looming redundancy. Ask your IP to work out a settlement figure for you - I would suggest based on achieving the dividend already pledged is a good starting point.

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

Pat

[mikebdomain]

Patrick I would phone and speak to other mortgage brokers who will be able to detirmine what equity you may be able to release. You could then approach your IP with a firm offer for review.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[MelanieGiles]

And at the same time ask your IP to work out a settlement figure for you that they would be prepared to recommend to creditors. IPs with mortgage departments just don't sit too comfortably with me I am afraid - where is the independence?

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

[mikebdomain]

Hmmm… My thoughts exactly, Melenie, slight conflict of interest, I would have thought.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf