Post IVA issues

trudij

well done !!!

good luck in the future

garytheanimal

trudij wrote: »

well done !!!

good luck in the future

Thank you, it was a hard lesson learned.

steve0966

hi,i have just completed my 4th year of my iva and agreed at the start to a settlement figure of £11750.00.Having spoken to the iva company 4 years ago and just yesterday was told that if i get in touch with my mortgage company they will add the £11750 to my existing mortgage and this wouldnt be a issue.This morning i applied with my partner for the extra funds explaining it was to pay off my iva but they did a credit check and refused outright.I was assured by the iva company that if i explained what the extra funds were for then this wouldnt be a problem but this is not the case.I am now in the position of not knowing how i am going to pay this outstanding amount off before the iva finishes next may.I am worried they could make me sell my house to pay this debt which is ridiculous considering i have over £50000.00 equity in the property and easily qualify with both our wages for the extra payments on our mortgage,can anyone advise me how i stand ,thanks

Charco_2

Slow down, dont panic!

- What is the value of your home?
- What is the current outstanding value of your mortgage? I assume this is split with your wife?
- Is it a single or "joint" IVA?

No-one can force you to sell your home but you will have to try to address the reasonable amount of realisable equity you have in your home! There are ways and means to do this, and so long as you can show that you have tried to remortgage or get a second charge etc then there is not a lot more can be done that way!