Equity loan while in IVA

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Helly78

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Post by Helly78 » Mon Jan 07, 2019 11:09 am
Another question from me thanks all in advance

Has anyone had their help to buy loan end while in their IVA thus needing to release the equity / remortgage or sell to pay the loan.

Ours is up September this year. The IVA is in my name but the mortgage and house is in mine and my husband's.

Payplan not answering emails from me on this so wondered if anyone has gone through something similar. I'm worried we may loose our home which is also where I work from

Thanks

Helly78

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Joined: Fri Jan 04, 2019 10:01 pm

Post by Helly78 » Sat Jan 12, 2019 4:41 pm
Any advice would be appreciated thank you

Foggy

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Post by Foggy » Sat Jan 12, 2019 5:25 pm
Sorry that you have not had a response to this query. I am guessing it is a rare situation that not many have found themselves in.

Might I suggest that you have a word with one , or both, of our two mortgage experts, who both have experience of dealing the IVA's:

They are Ryan from Zebra Money Centre --- Website: http://www.ivamortgageexpert.co.uk and
Shaun fron Select Partnership --- Website: http://clients.theselectpartnership.co.uk/
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Ryan

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Post by Ryan » Mon Jan 14, 2019 10:20 am
Hi Helly,

If you aren't able to re-mortgage to purchase the remaining share you would instead start paying the 'rent' on the share that you don't own. Your IP should also be aware of this if will still be in your IVA at that time.

Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

Helly78

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Joined: Fri Jan 04, 2019 10:01 pm

Post by Helly78 » Sat Jan 19, 2019 7:15 pm
Thanks Ryan. Apparently there is no guarantee that the loan company will except that and let us pay back monthly. But we cannot claim the unable to pay until closer to the day. They may demand we sell. I haven't been worried since taking on the IVA as felt I was really getting is out of a mess but this has really added to the stress. Ideally we just want to start paying it back monthly until the IVA is clear next year

Helly78

Posts: 6
Joined: Fri Jan 04, 2019 10:01 pm

Post by Helly78 » Sat Jan 19, 2019 7:17 pm
Also it's not noted clearly in the IVA. It's shows that the equity is based on 75% but it doesn't say equity loan or help to buy anywhere which I'm a little concerned about
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