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Anondebtadvisor wrote: »

You will only be rquired to release 85% loan to value and you will not be able to obtain a remortgage, you should have to provide your IVA compnay with 2 remortgage declines and they will extend the IVA by 12 months in leiu of that equity.

It is written in the proposal that you can be pay an additional 12 months if you cannot release the equity, which will be the case in the current market - so dont worry x

Thanks for the response, would it be because i am being made redundant that i won't get a remortgage??? it is all a bit confusing for me our house is worth £220000 and we have a mortgage of £145000, (initial mortgage was £166000)
also, when i am made redundant, as i have worked for the company for 15 years, i am getting a decent package £20k+, do i have to tell them this and will they be able to tap into it?

can you please advice me

nicola302 - if the IVA is your partners they wont be able to touch your redundancy money.

The reason he will not get a remortgage is due to the current market and he is in an insolvency.

Your husbands share of the equity is £21,000. £220,000 x 85% = £187,000 minus £145,000 divided by 2 (If jointly owned) = £21,000 equity

FewOriginally Posted by lessonsinlove Hello, I have been with my partner for 2 years and we'd like to buy a property. However, I've discovered I have an old outstanding credit card debt that somehow I ignorantly avoided paying. It is for just shy of £5,500.00.

I have a £1000.00 in savings and am on an annual income of £18k. My partner has a smaller salary but savings of over £75k and her mum is happy to invest some too.

My question is should I just focus on paying off this debt first paying off as much as I can before attempting to get a mortgage, or to set up some sort of smaller repayment scheme and attempt to get a mortgage as well. Due to my partner's savings I would only need a mortgage of around 50-75k.

Thanks for your time.

Do you know if the account has defaulted and has been registered as a default? i suggest that you credit check yourself to see if it is a default.

How old is this debt?



Yes, it has defaulted. The debt is a few years old, but I've made no payments for over a year.

notYou will probably have difficulty obtaining a mortgage with a default registered against you, could you raise some money and offer them a settlement in return for them registering the default as satisfied?


Do I contact them directly via the phone for this? And what is an acceptable settlement agreement? Is this usually calculated using a percentage of what's owed or is it simply negotiable? I only have my £1k savings that I could put towards it and would rather not involve my partner and her savings to pay off my debts.