I am 2 years in 2 my Iva I want to pay it off I have found a company who will let me take out a second mortgage but my Iva says will not have none of it wots the problem the money is there ready to be Transferred to them can they do this they get there money early in stead of waiting 3 more years
Part of your agreement is to release equity in the last year by way of remortgage, in addition, to the agreed monthly payments. So, at the end of the day the creditors are expecting to get more than the basic payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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In your iva agreement is there an equity release clause? Normally equity would be considered in year 4.
Finishing an iva now will not necessarily prove financially the best option for your creditors as they may get a higher return if the iva ran its duration through increased income, bonuses, overtime payments.
Even if they did allow you take the second mortgage option now it would not change the status on your credit record as the iva remains on there for 6 years from its start date.
Have you spoken to your IP or a caseworker ..you may get a better explanation going higher up the chain!
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How much are your monthly payments?
How many do you have left to pay?
How much is your share of equity in the property?
Are there any other assets due to be introduced in the IVA?
How much are you offering to pay over?
Have you asked to put forward a full and final offer or a settlement? These are two very different things and could be causing the confusion.