Could I offer a full & final settlement to end the IVA via remortgaging?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
april
Posts: 1
Joined: Sat Jun 03, 2017 4:13 pm
by april » Sat Jun 03, 2017 4:13 pm
I'm half way through my IVA. I am thinking about remortgaging to pay off my IVA and purchase a decent used car as mine is falling apart. House worth approx £115k outstanding mortgage owed is £26400. Could I offer a full & final settlement to end the IVA via remortgaging as I know there is some clause regarding my house after 5 years of repayments.
User avatar
Foggy
Forum Expert
Posts: 22892
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Sat Jun 03, 2017 6:37 pm
There are products for this and I would suggest a chat with Shaun Vickery who, I know, has dealt with this situation before --- a High Street remortgage would likely be refused on your credit rating, so a specialist is the better option. Shaun's details can be found under the "Quick Links" tab (top left) and "The Team" on the drop down.
User avatar
luluj
Forum Expert
Posts: 9719
Joined: Sun Dec 09, 2007 6:54 am
Contact
by luluj » Sun Jun 04, 2017 5:55 am
Agree with foggy that a chat to the experts on the forum Ryan and or Shaun may prove beneficial in yoyr quest to become iva free.
Let us know how you get on.
User avatar
Lisa Thomas
Industry Expert
Posts: 5756
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Mon Jun 05, 2017 10:27 am
I doubt you will be able to remortgage whilst in the IVA due to the IVA affecting your credit rating but worth checking with Ryan or Shaun.
User avatar
Shaun Vickery
Industry Expert
Posts: 540
Joined: Tue Feb 12, 2013 8:32 am
Contact
by Shaun Vickery » Mon Jun 05, 2017 4:48 pm
It's always worth weighing up your options and, as you have a significant amount of equity in your property, you could benefit from doing so. Anyone who looks at the forum regularly will forgive me for saying so but it really does depend on your own individual circumstances....all the same it's definitely worth looking at as you have nothing to lose.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 3 guests