Why am I being asked to remortgage?

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Post by iain200 » Mon Jul 02, 2018 5:57 am
Can anyone explain why I am being asked to remortgage
6 year IVA £ 381 per month (nothing missed)
Total debt £27032
6 years debt paid repaid £27032

69 pence in the pound paid to creditors
Yet they still want a remortgage or another £5000
Surely they have been taking money judging by the dividend paid to creditors
My wife also paid a £2000 joint debt
And now I’m paying more than I owed.



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Post by kallis3 » Mon Jul 02, 2018 6:43 am
Is that fiigure your total debt? You will always owe 100p in the pound plus fees and possible statutory interest until the end of your IVA after which any remaining debt is written off.

You won't be able to remortgage although some companies now offer a secured loa.

How much equity do you have?
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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Post by Foggy » Mon Jul 02, 2018 8:38 am
As Kallis says what you "owed" would have to include statutory interest (far less than the contractual interest you signed up for when taking on the debt). as well as covering the fees. As you say, so far you have only paid 69p in the pound and the IVA will continue until such time as that is 100 p in the pound or the arrangement comes to its natural conclusion.

You say they are asking for a remortgage or £5k .... do you not have the usual option of a 12 month extension ? Do you have enough equity to trigger the clause anyway ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 02, 2018 10:57 am
My video should explain this for you:

I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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