Re-mortgage advice

Daisy_Doll

First post from an avid follower of this forum.

Our IVA is due to end in Jan 2012, our IVA company are asking us to get our Re-mortgage quotes now & are starting to apply pressure, O/H has applied to one lender but not heard anything back, Should we just let the IVA company deal with it & pay themselves out of the pot, so to speak?
WE have never missed an IVA payment,

The creditors are looking for a £7,500 settlement at week 60.
We do have equity in the house, however my husband was out of work for 8 months last year, and I am out of work now, we have survived by arranging int only with mortgage company during this time.
Any advice welcome,
Thanks in advance

themull1

I thought that if you didnt/couldn't remortgage you had the option of extending your IVA?

FoggyBrain_2

the extension option is only there if it's written into the proposal, as it tends to be in more recent cases. Many older proposals with definite equity release figures included have been varied lately to accord with the latest protocols, as the current mortgage / re-mortgage situation is somewhat different to how it was a few years ago and the creditors realise that equity release at the moment is impossible.

Daisy_Doll

Sorry I think I hide my original Question in the middle of it all

Should we just let the IVA company deal with it & pay themselves out of the pot, so to speak?

FoggyBrain_2

Hi DD .. the IVA company doesn't normally deal with valuations and the legwork in re-mortgaging (or not). It is usually down to you. Having said that, I do know of at least one person whose IVA proposal actually states that the IP will obtain valuations. Does yours say anything useful on the subject ?

Daisy_Doll

They are offering to do it for a fee that they will deduct from the pot.

dancingfairy

How difficult is to for you to do? How much will it cost you? If you can do it for not much money then I'd get chasing it up -I guess it depends on whether the fees if your IP does it will mean the IP gets less or whether it affects the dividend?
It seems as though it's going to be difficult to get a re-mortagage in the current climate. So 7,500 is what you are required to release? What does it say about not being able to re-mortgage/lack of equity? You may have to seek a variation to the proposal which might see you having to offer an extra year of payments to creditors instead of the 7,500.
What is your IP saying in all of this?
df