Re-Mortgage final year

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john.jk

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Post by john.jk » Wed Sep 22, 2010 8:37 pm
As part of my iva conditions i have to try and re-mortgage and
pay the creditors
Would anybody know what the average percentage of any profit in
the house would have to be paid to the iva
Thanks
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 8:40 pm
Hi John,

It is highly unlikely that you will be able to remortgage.

Usually what happens is that you will be expected to pay an extra 12 months in lieu of equity.

I would speak to your IP about this.
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.
Bob Marley.
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Sensible77

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Post by Sensible77 » Wed Sep 22, 2010 8:50 pm
Your terms may be different but my Chairman's Report states that I have to attempt to raise up to 85% of my half of the equity as the mortgage is joint and my wife's equity is not affected. e.g. If you have £40,000 equity in your property and it is a joint mortgage then you have to try to raise up to £17,000. £40,000 divide by 2 is £20,000 and 85% of £20,000 is £17,000.
But as Kallis says, the chances of getting a remortgage are virtually zero, so you will probably be looking at an extra 12 months payments instead, but check your Chairman’s Report or with your IP for precise clarification.
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