IVA help!

Luke1068

Brief synopsis:



In Dec 2003 entered into IVA £200k (debt£1.8M stolen by crooks in business deal – all properties and personal assets excluded from IVA)

I am up to date in payments – very cooperative Supervisor.

£85k left to pay by end of Dec 2007.

I own residential property value £270k – encumberance £142k

I own 8 buy to let properties, combined value £860K encumberance approx £550k. All properties within 100 yards of each other, several others up for sale, so not a good climate to sell – also as they are all fully tenanted.



Remortgaged x3 of the BTL properties at horrendous rates £2k per property fees, 8.5% interest only rates ties ins for life of mortgage.



Credit score currently 874 – even with IVA! (was originally 992 if I recall before IVA)



Do not want to tie myself down and throw so much money away by remortgaging similiarly, with 6% redemption for the life of the mortgage etc.



It seems crazy that with over £400k of equity, I cannot reasonably get my hands on some of my assets to end the IVA and start to climb back up.



Any help/suggestions would be most appreciated.

mattp_3

how on earth have the creditors gone for an IVA when you have all that equity? surely they would have suggested you remortgage all your BTL at creditors meeting?

if you were personally liable for the debts how did you manage to get your personal assets excluded???

Luke1068

All creditors were incredibly supportive, and fully understanding of the entire situation. I'm not obviously going into the very complex details of how it all happened, suffice to say that colleagues and friends suport each other and stick together when the **** hits the fan with a long a respected associate.

Respectfully, it is advice and possible contacts I need, not a discussion on the history of how it happened.

IN_LIKE_EVERYONE_ELSE!

I know just the person to sort this out, email me, djs@mimesis.com

Good luck.