What happens if my husband can't get a remortgage ?

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1
Boo75!
Posts: 4
Joined: Tue Mar 14, 2017 5:18 pm
by Boo75! » Thu Mar 16, 2017 9:28 am
Hi my husband has had our house valued, their is more than 5000 equity I know they can not touch my share, but what if he can't get a remortgage? Would he then be forced into a secured loan. Also his Iva have not taken the last two payments?
User avatar
Michael Peoples
Industry Expert
Posts: 14957
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu Mar 16, 2017 10:05 am
If he cannot raise his share of the equity then the IVA is usually extended. However he needs to check his proposal as depending on who the creditors and IP are he could have to sell or take a loan.
Boo75!
Posts: 4
Joined: Tue Mar 14, 2017 5:18 pm
by Boo75! » Thu Mar 16, 2017 10:18 am
Thanks, he his with freeman Jones?
User avatar
Michael Peoples
Industry Expert
Posts: 14957
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu Mar 16, 2017 11:01 am
He will need to check with them as it depends what is in the proposal and what was agreed at the meeting. Most IVAs are extended by twelve months if there is no possibility of a remortgage but only his IP will know the terms for sure.
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 16, 2017 12:04 pm
Usually there will be an option to extend the IVA by 12 months ( post 2014 start dates there MAY be the need for a secured loan). Check with FJ -- also chase up thise missed payments -- three and the IVA could fail ! It matters not who should be claiming them or making them ...if they are missd they are missed.
Boo75!
Posts: 4
Joined: Tue Mar 14, 2017 5:18 pm
by Boo75! » Thu Mar 16, 2017 1:33 pm
Thankyou both for your quick replies, I will get him to chase up why they have not taken out a payment.
User avatar
Lisa Thomas
Industry Expert
Posts: 5739
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Wed Mar 22, 2017 1:19 pm
Is the house jointly owned?

When you say there is more than £5k equity is his share (50%?) worth more than £5k? If not then the clause might not apply to him.

i.e joint equity would need to be more than £10k for it to apply.
Boo75!
Posts: 4
Joined: Tue Mar 14, 2017 5:18 pm
by Boo75! » Wed Mar 22, 2017 4:02 pm
Yeah it's jointly owned, it would be 50%? Half his equity half mine? If that is how it works?
User avatar
Foggy
Forum Expert
Posts: 22865
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Wed Mar 22, 2017 4:13 pm
Boo75! wrote:
Yeah it's jointly owned, it would be 50%? Half his equity half mine? If that is how it works?



His IVA will (should) refer to his share of the equity, so, if there is less than £10,000 in total, his share ( his "interest") would be less than £5,000 and the equity clause will not be triggered.
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 12 guests