Almost finished IVA

LISAP_3

Hello everybody,
We are currently in an IVA which finishes in October 2013. We got into the IVA since I started my nurse training 3 years ago and began to struggle to pay our debts. Basically,we needed some help for 3 years whilst i did my training. The company said that we are able to have an IVA.
So we are approaching the finish and i am now qualified on a full time nurse wage, the company have been informed that we are both now working. However, we have got two children and only live in a 2 bed semi (mortgaged 6 years ago), we are at the point where our house is no longer big enough and we would like to move into a bigger house. Would this be a possibility ?? We have kept up to date with all of our IVA contributions and household bills. i HOPE YOU CAN HELP

Anondebtadvisor

You will have great difficulty obtaining a mortgage while in an IVA, have you considered renting a bigger property?

LISAP_3

hi , thank you for your reply, renting is something we have thought about but as we are already on the property ladder, we didn't was to lose this. As we are approaching the end of the IVA, the company state that we will have to take out a re-mortgage to attempt to release the equity to pay off the debts. So this would also be something that would be extremely difficult to do then ? i find it strange that we are expected to take out a re-mortgage but clearly, this would be very difficult .

kns_2

You may find that you are unable to get a remortgage and if you have over 5k in equity in your property,Then you will be paying your IVA for another 12 months I am afraid unless you have no Equity then it will simply finish on time.

LISAP_3

thank you again for you help x x

Anondebtadvisor

A 12 month extension is usual in this environment for those unable to release equity in the 4th/5th of an IVA :-)