Will we have to apply for equity from our house in the 5th yr of IVA?? surely our credit will be very poor so therefore remortgaging wouldn't be an option. We are £36,000 in debt and can't afford the weekly shop at the moment so we need help asap. Advice would be greatly appreciated. We both work full time.
You won't be able to remortgage but, depending on which company you go with you might be offered a secured loan or continue on for a further 12 months. I suggest you speak to a few companies - some of the smaller ones and take advice
from them and the forum is always here for support.
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.
Older IVA's and those firms still using the old versions require you to attempt to remortgage or extend by 12 months. New versions require remortgage attempt, a secured loan attempt or, failing those, the 12 months extension.
There was a time when remortgages were available, and, in some circumstances, are becoming so again. So, it could be, in 5 years time, we are looking at a totally different market.
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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