Being forced to remortgage

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kay959
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by kay959 » Wed May 23, 2018 2:56 pm
I have an IVA due to finish in October this year but the I've company are forcing me to remortgage my house to pay money to creditors, I'll be more in debt with higher mortgage payments. When I signed up for the iva 5years ago I was told they couldn't go for equity in my house, they're giving me seven days to sort it out.
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Foggy
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by Foggy » Wed May 23, 2018 3:10 pm
Dig out your proposal and see what you agreed to under "Equity Release", usually in pre 2014 Protocol cases ( unless you have agreed to something different or have amended your terms to the later editions ) the options are to attempt to remortgage and, if that fails ( as it usually does) to extend the IVA term by 12 months. They cannot force any other course of action on you, though sometimes the firms they use can come up with workable alternatives for you to consider.
Who are you with ?
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Ryan
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by Ryan » Wed May 23, 2018 3:24 pm
Hi Kay,

As Foggy says check your proposal very carefully to see what's contained in there.

Who are you dealing with?

Regards
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Shaun Vickery
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by Shaun Vickery » Wed May 23, 2018 3:32 pm
Hi Kay. If you own a property there's usually a clause included that you will try to re-mortgage to release some equity for the creditors. As already mentioned, I'd check your paperwork.
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Lisa Thomas
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by Lisa Thomas » Wed May 23, 2018 3:54 pm
I expect the 12 month extension will likely apply and kick in.

Have a look here for my quick video about the standard terms/options that usually apply and check your proposals and modifications:

https://youtu.be/PHfc85n39U4
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