Some of you may recall I did use this site a lot when we was going through the IVA, for those that dont know, well we had an OVa and we completed 3 years ago, but it just seemed to get worse, hence the reason for being on this site now! - any advise very much appreciated.
WE remortgaged when we settled our IVA, but our broker advised to change our current mortgage provider, it would mean that we would be paying £1700 per month interest only, they puch through the valuation and we cleared our IVA, horray! - however, we could not keep up with the mortgage payments as I lost my job and when we had the house valued 3 months after the new mortgage taken out we were in negative equity of over 100k how is this possible, we are lead to believe that the broker used and the surveyor over valued our house to get the business, we have since entered into a partnership programme with GMAC (mortgage provider) and they sold the house for us, big mistake, we now owe them 80k dont own a house and back in the same situation we were in before we entered the IVA, so what was the point, I now have no other choice but to go banjrupt, as no one it appears will help us, as a final resort I have written to the broker and asked for a full review, I did also see on the internet that the FSA has just fined them for non complicance and not proving correct mortgage advise.
So here I am 80k in debt no home, divorce just round the corner and I think what is the point?
GMAC have said that I can pay back £100 a month, but this means that I will be paying back for the rest of my life and will never have a mortgage again...
so where do I go, I just wish that when I settled my IVA that I sold and not remortgaged but our IP told us to remortgage,
anyway enough winging, any help very much appreciated!
Keep Smiling..... thats free!