Just started IVA process

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liz115
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by liz115 » Wed Nov 21, 2018 12:58 pm
Hi guys new to the forum, just started the process for an Iva, enough was enough and I have no spare cash and couldn’t afford bills, so scared and feel constantly sick and not sleeping. Just wondering if I’m doing the right thing and if I’ll loose my house (which I’ve been told I can’t). So so scared just need reassurance that things will be ok ;(
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Foggy
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by Foggy » Wed Nov 21, 2018 1:00 pm
Hello and welcome. As long as you do everything according to your agreement, as well as continue to service the mortgage, the house should be safe. However, DO make sure that you are well up to speed regarding what will be expected of you regarding equity release in due course.

May I ask who you are going with as your provider ?
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liz115
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by liz115 » Wed Nov 21, 2018 1:15 pm
Hanover Insolvency are who helped through national debt advice.

I just feel so sick
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recovering
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by recovering » Wed Nov 21, 2018 1:49 pm
We all remember those feelings. It is not easy but it is doable. Easier said than done but try to keep calm. Make sure you understand the equity release part as Foggy said.
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liz115
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by liz115 » Wed Nov 21, 2018 1:53 pm
The equity release thing is what’s done towards the end of the IVA? I’m on my mortgage on my own so don’t think I could remortgage due to the poor credit score so may need to pay an additional 12 months?
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kallis3
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by kallis3 » Wed Nov 21, 2018 1:56 pm
Please speak to one or two more companies as Hanover have not had a good press lately.
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Foggy
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by Foggy » Wed Nov 21, 2018 2:21 pm
liz115 wrote:
The equity release thing is what’s done towards the end of the IVA? I’m on my mortgage on my own so don’t think I could remortgage due to the poor credit score so may need to pay an additional 12 months?


I think that Hanover are using the post 2014 Protocol version of standardised documentation, which includes the obligation to get a secured loan it a remortgage fails, So I would clarify that. Five years ago remortgaging or even secured loand were nigh on impossible and the 12 mnth extension was pretty much the way you knew it would go. But, now, these things are becoming more available and it is no longer a certainty for the extension ---- who know which way it will go in the next five years ?
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Lisa Thomas
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by Lisa Thomas » Wed Nov 21, 2018 2:47 pm
The only guarantee you will get to keep your house is if the terms allow you to keep it and you complete the IVA successfully. If it fails you are at risk of losing it.
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kallis3
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by kallis3 » Wed Nov 21, 2018 4:32 pm
Definitely speak to some more companies before committing..
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luluj
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by luluj » Fri Nov 23, 2018 1:36 pm
I remember your anxieties only too well. As others have said speak to a few companies before deciding which one to go with.

We chose to sell our house, go into rented for the duration of the iva, and it turned into the best decision ever ... not for everyone but it gave us security being in rented for the duration and had no household maintenance costs.

I wish you the best of luck in the next few months and remember we are here on the forum to answer your questions at any time of day (and normally night) !!
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