will my IVA be finished a year early ?

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rodmunch

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Post by rodmunch » Sat Aug 14, 2010 2:00 pm
on the 4th year of my IVA when i have to release some equity to my creditors will my mortgage company question what i am using the money for ? also will they know about the IVA? and because of my now defunkt credit score will i not be refused a remortgage? if the remortgage is sucessful and there is enough equity to clear the outstanding debt will my IVA be finished a year early ? sorry about the amount of questions...
jm
 
 

Shining

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Post by Shining » Sat Aug 14, 2010 2:02 pm
Hi there, unfortunately in this climate mortgages for us in IVA's are not realistic at the minute and it's not unusual for another 12 monthly payments to be made in lieu of the equity release.

If your IVA is ever totally paid in full along with IP fees that is when the mortgage concludes.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 14, 2010 2:50 pm
Are you in the fourth year of your IVA now rodmunch?
Regards, Melanie Giles, Insolvency Practitioner
 
 

rodmunch

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Post by rodmunch » Sat Aug 14, 2010 7:43 pm
hi there i am only in my 1st year of my IVA[:)]
jm
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 14, 2010 9:21 pm
Then I would not worry too much about this at this juncture. A lot of things can happen in the mortgage and IVA marketplace over the next four years.
Regards, Melanie Giles, Insolvency Practitioner
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