Coming to end of IVA

susieanne

Sorry a few questions


My IVA ends February 2018 (5 years in Feb )however have been told that I must try to re mortgage or I will need keep IVA running for an extra year . Well I was told I must try to remorgage in year 5 at the start of the IVA they have not actually asked me to remorgage as yet (kinda hoping they wont but very much doubt that so think they will ask me very soon )


The IVA is in my name only but the mortgage is joint with hubby . Can my husband get a secured loan ? We are looking to get a secured loan to do home improvements . Would I have to ask permission for my husband to apply for a secured loan ? even though the IVA is just my IVA ?


If me & husband where successful in getting a secured loan can I make my creditors an offer to end the IVA ?
I currently pay £100 per month so in one year 5 months when my IVA ends I would have payed my creditors £1500 but could I make my creditors an offer of say £3000 would this be allowed ? How likely are they to accept ?

sourcrates

Hi,

Its generally considered a very bad idea to borrow secured money to pay off unsecured debt, most folk cant re-mortgage so have an extra year added to there plan, i would just opt for the extra year if i were you, ride it out, then put it behind you.

If you were to go for the loan, he is not subject to any IVA restrictions, so needs no ones permission to do anything, likewise your creditors would be open to a settlement offer, although they may want to know were the funds have come from.