Being forced to remortgage

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kay959

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Post 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.

Foggy

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Post 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 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Ryan

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Post 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?

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Ryan Radford
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Zebra Money Centre

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Shaun Vickery

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Post 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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Post 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
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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