I am currently in the 50th month of an IVA

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frankiebabe

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Post by frankiebabe » Wed May 05, 2010 3:50 pm
I am currently in the 50th month of an IVA and i have to re-mortgage in the fifth year and release equity can you tell me that if i do this will my IVA payments reduce by the amount i have to pay extra for the mortgage
 
 

Michael Peoples

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Post by Michael Peoples » Wed May 05, 2010 3:57 pm
Hi Frank and welcome to the Forum.

The short answer is yes and normally if this means that you have only a small amount left after paying the increased mortgage, your IVA contributions will cease at this point. It would not be worthwhile to collect small amounts for the remainder of the term.

You may struggle to find a remortgage and may have your IVA extended by twelve months. While this may not sound very palatable it could be better for you than having to take on a larger mortgage for the remainder of the term.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Wed May 05, 2010 8:56 pm
It really depends upon what your IVA proposal states Frank - but I agree with Michael's comments from a practical basis.
Regards, Melanie Giles, Insolvency Practitioner
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