Any advice - IVA vs DMP

insider66

If you are not a homeowner, you pay an IVA for 60 months.
That's it. Remaining debt written off. No juggling with re-mortgages or additional payments or raising a lump sum or any other nonsense, the IVA is complete and you owe nothing to anyone.

whitefuschia

How is an IVA supposed to re-mortgage their home to release equity in year 4 if they are unable to get credit?

insider66

whitefuschia wrote: »

How is an IVA supposed to re-mortgage their home to release equity in year 4 if they are unable to get credit?

Hi whitefuschia,

if you can't remortgage to release equity you will probably be asked to make a further year of payments so the iva may last 6 years.

you will not have to sell or raise the cash another way. Is this a big deal?

I don't know, it depends what you're expectations are i guess - but if you go into the iva with the idea that it is the only way to save your assets, then it is a good deal - try getting a loan at the iva payment to clear the debt in 6 years ?

insider66

just to clarify, (it's late, sorry!) you can't get unsecured credit. secured is different.