iva and a remortgage ? help needed

gpaul49

Hi mortgage is gmac rfc today i asked dcm apex whom i have an iva with ( ex partner ) dept s are mine , i asked what is the oustanding balance i have paid into this for 5 yrs ! i got a letter back £14,750 pounds oustanding 114 months at £260 to clear
i was pretty livid about this , as their us a claim on my house from yorkshire bank for 7,000 pounds unsuscured ,,, can i renegoiate with creditors if i remorgage , i start in a new dept at work in sept with a rise putting me on £30,000 a year
74,000 oustanding on gmac 17years £590 intrest only at 9% can any one help thank you Paul

luckyfool

gpaul49 wrote: »

Hi mortgage is gmac rfc today i asked dcm apex whom i have an iva with ( ex partner ) dept s are mine , i asked what is the oustanding balance i have paid into this for 5 yrs ! i got a letter back £14,750 pounds oustanding 114 months at £260 to clear
i was pretty livid about this , as their us a claim on my house from yorkshire bank for 7,000 pounds unsuscured ,,, can i renegoiate with creditors if i remorgage , i start in a new dept at work in sept with a rise putting me on £30,000 a year
74,000 oustanding on gmac 17years £590 intrest only at 9% can any one help thank you Paul

Paul

I'm trying to make sense of your post. Firstly I do not think you have an IVA, it sounds more like a debt management plan or loan, though even then you would expect interest to be frozen. If you are paying £260 a month then £14,750 would be paid off in 56 months. Debt Management Plans can have high fees (50-80 per month would not be unusual) but 114 months still seems like an awfully long time.

An IVA would only be paid over a 5 year period at the end of which the balance of the debt would be written off, this doesn't sound like what you have.

In terms of the remortgage, subject to the amount of equity in your property you are likely to be able to remortgage to raise capital. If Yorkshire Bank have managed to put a caution on your property for £7,000, even if it was originally an unsecured debt, you may find they will not be willing to accept a negotiated settlement and might look for the full amount . . . though no harm in trying. Other unsecured creditors may well be willing to accept a lump sum offer in final settlement.

If you want further mortgage advice you should speak to a whole of market mortgage broker. If you want to speak to specialist debt advisors about Debt Management/IVA's/Bankruptcy and your various options then Payplan and CCCS are both good ports of call. They are charities funded by the financial services industry and tend to be impartial,

cheers

Luckyfool

gpaul49

no it was an iva i missed some payments as i had morgage arrears and other finacial blips car breaking down
i am a bit pised off over this would their be any redress to the firm

luckyfool

Gpaul,

How much is your property worth approximately, i.e. how much equity do you have within it?

If it is actually an IVA and you have sufficient equity then you should be able to remortgage to clear the IVA, though this will depend on a number of factors? If the conduct of the IVA is not satisfactory then you will tend to find that the mortgage rate reflect that, though I would certainly expect you to be able to improve on 9%.

Cheers

Luckyfool

Luckyfool