How much will my iva payment increase by

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sam666
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by sam666 » Thu May 03, 2018 1:02 pm
Hi I am now going to be entering the remortgage part of the Iva how much can the increase the payment of my mortgage by they say they can do it to what they want and ask for 85 per cent of the equity but I don’t owe them that much
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kallis3
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by kallis3 » Thu May 03, 2018 1:15 pm
No more than 50% of your current mortgage payment and do you have any equity? Have you had a valuation done?
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sam666
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by sam666 » Thu May 03, 2018 1:35 pm
Hi just waiting on someone coming to value but the Iva company have passed this mortgage bit onto another company to deal who guarantee they can get a mortgage for me but if it 50 per cent more than my mortgage payment now that means I could be paying nearly a thousand pound a month for a mortgage I only thought it was 50 per cent of the Iva payment can someone helpn
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kallis3
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by kallis3 » Thu May 03, 2018 1:46 pm
It is probably a secured loan rather than a remortgage and, unless it is stipulated in your paperwork, you do not have to do it and can have the extension. Which company are you with?
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sam666
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by sam666 » Thu May 03, 2018 1:54 pm
Hi

I am with Pareto money has anyone had dealings with these. I can’t afford a 50 percent increase in my mortgage payment surly they will understand this
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kallis3
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by kallis3 » Thu May 03, 2018 2:01 pm
Check your original paperwork.
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sam666
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by sam666 » Thu May 03, 2018 2:08 pm
Am going g through it all now if I need advice can I come back on
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kallis3
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by kallis3 » Thu May 03, 2018 2:34 pm
Ask away - we are always here!
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abbiesmum2003
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by abbiesmum2003 » Fri May 04, 2018 4:58 pm
We have just gone through this process
It is not 50% of your mortgage.
Its up to 50% of your current iva payment. So if iva is £250 a month, the loan/mortgage cannot be more than £125. You will no longer be paying the iva so this would in theory release £125 a month as surplus money (the difference between loan repayment and iva payment).
We were very surprised by the figures we have been given and how our company has gone about this for us. Just waiting to hear if accepted.
Go through a reputable company to establish what you can release. Weve had to do a realistic I&E and have house valued. Theyve then looked at what we can afford and what banks would lend usgiven rubbish credit rating, but within the 50% clause.
Hope that makes sense and helps.
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