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What are my options?
Comments
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Hi, Sorry for the lack of introduction I am some what of a lurker here and just registered today.
I think it would be possible for you to do an IVA provided you offered the creditors a lump sum from a remortage in the final year of the arrangement.
This would effectively mean you did not have to remortage straight away in order to avoid charges from the council on your right to buy.0 -
I will try and stick to this £51-per-week. I could set up a standing order to do this from my main account every seven days. My main problem is that I do not know what I am spending and how much. So I think limiting myself this way is quite good.
It's quite a leap for me to do this actually, but I'm glad I'm actually doing something about it. Following steps from Ostrich Finance wasn't getting me anywhere. ;-)semper in faecibvs svmvm, sole profvndvm variat0 -
Syracuse wrote:Hi, Sorry for the lack of introduction I am some what of a lurker here and just registered today.
I think it would be possible for you to do an IVA provided you offered the creditors a lump sum from a remortage in the final year of the arrangement.
This would effectively mean you did not have to remortage straight away in order to avoid charges from the council on your right to buy.
Interesting ... but if I start the ball rolling on an IVA now, it will credit-blacklist me for the duration of it. My plan is that I must be able to get a good mortgage within 12-18 months...semper in faecibvs svmvm, sole profvndvm variat0 -
It is true and IVA's are a bit of a catch 22 in that respect and it would be a toss up between living with that horrendous Egg Loan interest or cutting your losses now but possibly suffering with an adverse mortgage later.
I would agree that it would make your mortgage application particularly hard and you would suffer on rates but I think if your IVA was structured properly you could repay £250pm for 5 years with £10,000 introduced via remortgage in your final year giving you a total of £25,000 repaid in full and final settlement.
Im sure that would make a drastic difference to your SoA.0
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