Need advice on current IVA situation please

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jackie611

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Post by jackie611 » Wed Sep 29, 2021 12:40 pm
Please can someone advise me. I am in a iva 5 year plan and am now 6 months into the 6th year, which i was advised that if you do not choose to re-mortgage your home you had to pay an extra year. The company have asked me to get a redemption statement from the mortgage company ?. I am nearly 60 and i may have to leave my job due to resructure and stress. Please can anyone advise me. Many thanks jackie

Foggy

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Post by Foggy » Wed Sep 29, 2021 1:06 pm
It is not a case of choosing to remortgage --- if you can remortgage you have to --- you only extend by 12 months if unable ( not unwilling ) to remortgage.

Although you have carried on paying they have noticed that no attempt was made to remortgage, so they are dealing with that now. First to work out if you have enough equity to try ( £5,000). You need to provide the redemption statement they are asking for.

You can mention the job issue to them -- but they don't tend to allow for things that might happen until they do happen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

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Post by luluj » Wed Sep 29, 2021 9:10 pm
Agree with foggy you will need to provide this for them.

It was probably as much for you to raise during the 5th year than them, so now needs to be addressed to ensure it can all be resolved for you.
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jackie611

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Post by jackie611 » Thu Sep 30, 2021 4:18 pm
Thank you foggy and the other advisor for the info
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