i have tried several times to remortgage

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Lizzy
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by Lizzy » Wed Aug 02, 2017 10:43 pm
Hello I have just started the IVA process and have been tpold I must pay £607 per month for a £69K debt based on my earnings and outgoings - i completly understand that debt must be paid and I am ashamed and I hope to be able to clear the whole deb in full as this would be the right thing to do but I feel just as bad now as I did before I started the process because I just don't think I can manage that amount each mponth so it will fail but my IP tpold me any less the creditors will definately reject it...I am desperate I have a lot of equity in my property but I have elderly [parents that live in the home so selling or moving is not an option and I have tried several times to remortgage.

Any advise is greatly appreciated
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Foggy
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by Foggy » Thu Aug 03, 2017 7:45 am
My first suggestion would be to have a chat with a couple more providers.

Why do you think you will not be able to manage on the amounts thay have allowed for your reasonable expenses? Your disposable income ( the IVA payment, in effect) should be what is "spare" after your usual expenses have een taken away from your income ... where are they adrift ?
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Ryan
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by Ryan » Thu Aug 03, 2017 7:56 am
Hi Lizzy,

With regards the possibility of re-mortgaging it would depend on lots of factors such as equity available in the property, income and outgoings and probably more importantly, as you are looking to go into the IVA, if you have been able to maintain your repayments on your credit commitments.

Feel free to contact us though if this is something that you wished to discuss.

Regards
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Michael Peoples
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by Michael Peoples » Thu Aug 03, 2017 8:03 am
Do not be bullied into agreeing to a proposal that you cannot afford. As Foggy says you should shop around as IVA payments are based on affordability and not on any minimum payment or return. As the fees as usually based on contributions, some IP will use as high a figure as possible to maximise their income to the detriment of the client.

There are guidelines for IVAs in regard to living expenses so if you want to see them feel free to email me directly and I will send you a copy.
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Lisa Thomas
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by Lisa Thomas » Thu Aug 03, 2017 10:25 am
If you already know you can't afford the contributions you should not be agreeing to the IVA - it will be pointless as it is deemed to fail.

The question is how have the figures been arrived at and why do you think you can't afford them?

Something is wrong.
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kallis3
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by kallis3 » Thu Aug 03, 2017 2:12 pm
I would certainly speak to another company - you may get better advice.
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