Twins help

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1

Chris0911

Posts: 2
Joined: Fri Jul 31, 2020 11:51 pm

Post by Chris0911 » Fri Jul 31, 2020 11:55 pm
Hi after some advice currently 3 years Into my Iva, pay £150pm but have just found out my partner and I are expecting twins!!! With a 5year old at home already, and I expect my payment may have to drop slightly when the twins are here
So my question is

A:a family member has offered to help out with a full and final payment of around £5500 do you think that would be acceptable?

B: my 2 bed house is not big enough for the 5 of us, we already have planning permission for an extension on the house...is it possible to borrow money while in an Iva (partner went into the bank to pay some money in and they told her we was eligible for a second mortgage) would an IP even allow it

Thanks

kallis3

User avatar
Forum Expert
Posts: 75795
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Aug 01, 2020 8:48 am
Congratulations on your news! You will have to speak to your IP and hopefully they will be sympathetic to an offer. You might find it a struggle to find lending for an extension.
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.
http://kallis3.blogs.iva.co.uk

Foggy

User avatar
Forum Expert
Posts: 31000
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Aug 01, 2020 9:04 am
Congratulations !!

Right ... so you are to pay 2 more years, plus a probable extra year for equity release, so 36 x 150 = 5400. So I would say that a full and final of £5500 has every chance of being accepted.

If you make the offer and it is accepted the IVA will close early --- then the IP need not be involved in things like re-mortgages etc. I would take what the bank said, off the cuff, with a large pinch of salt, though. The IVA will stay on your credit files for 6 years from the start, although all is not lost and there might be opportunities out there and they will improve as time passes.
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

User avatar
Forum Expert
Posts: 10877
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Sat Aug 01, 2020 1:12 pm
Congratulations on the baby front - double trouble for sure !

Regarding second mortgage etc .... I would conclude your IVA, get your certificate and then approach our forum experts regarding a mortgage. Ryan from Zebra comes highly recommended as done Shaun.

Their contact details can be gleaned from their profile pages at:

Ryan: memberlist.php?mode=viewprofile&u=18488

Shaun: memberlist.php?mode=viewprofile&u=22837
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Chris0911

Posts: 2
Joined: Fri Jul 31, 2020 11:51 pm

Post by Chris0911 » Sat Aug 01, 2020 5:00 pm
Thanks for the advice does any one know how long a full and final takes to complete including certificate

Foggy

User avatar
Forum Expert
Posts: 31000
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Aug 01, 2020 5:16 pm
Depends on the firm --- usually the F&F takes 2 - 3 months to go through, themn completion, again, another 2 - 3 months ( though some take a few weeks and a couple take a full 6 months ).
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
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”