Sorry for posting twice on my first day but after dealing with all this alone for a while it is a revelation to find a forum with so many answers[:)]
If an IVA fails because you can not remorgage to satisfy the equity release conditions, can you then go onto a debt management plan after a failed IVA ?
Hi Kazza, in the unlikely event of IVA failure you can go onto a DMP but mostly if you cannot remortgage an extra 12 months payment into the IVA seems to be the norm at the minute. x
Don't apologise about posting we're all here to help and support one another. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I very much doubt you would be expected to do a DMP. You would more than likely be expected to continue on for another 12 months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks New Start, I would be seriously better off if bancruptcy did happen, but I dont want that, equally though after reading many posts on here I am trying now to remember that BR wouldnt be the end of the world, and it's pretty much out of my hands now.
In a million years I cannot see an IVA failing due to you not being able to raise additional funds from remortgaging. When creditors first started to impose these conditions it was easy to find lenders willing to lend to the sub-prime credit marketplace - after all this is what has caused the credit crunch! But these days things are very different, and your creditors will be well aware of this - at worst you can expect to have to pay into the IVA for an additional twelve months.
