Struggling with debt? Ask a stepchange debt adviser a question
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When doing an annual review, do stepchange need to see payslips every year?0
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Debtfreegoals said:When doing an annual review, do stepchange need to see payslips every year?pay your debt at your rate.not what the creditor demands.cos they have no power.they aren't the police.0
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I'm sure you will get a definitive answer tomorrow. In the meantime
https://www.stepchange.org/clients/completing-my-review-online.aspx#What Happens If I Do Not Complete A Review?
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Debtfreegoals said:When doing an annual review, do stepchange need to see payslips every year?Hi,
We require proof of income when the DMP is first set up, but it’s not needed for the annual review.
Regards,
Aidan2 -
Hi
I have a few questions
1. i want to know if step change has a clause in their contracts Iva contract that 54months I will be required to get in touch with a specialist lending to release equity on my house to pay as much as possible to my original unsecured loan or just stick to the extra 12 months payment resulting to 6 years of payments
2. I’m only allowed to release equity for the half of the property. Since I’m an Iva might not be possible to secure remortgage with favorable rates, will you propose 3rd charge (I have HTB) on my property to release equity
3. Why I always read IVA is better than DMP when someone has mortgage? Can DMP do the same thing? Need to understand about it so kindly give some explanations
4. I’m concern about taking the path of IVA even I can pay the monthly payment because of the equity release. Please provide more context about this matter.0 -
tksnota said:Hi
I have a few questions
1. i want to know if step change has a clause in their contracts Iva contract that 54months I will be required to get in touch with a specialist lending to release equity on my house to pay as much as possible to my original unsecured loan or just stick to the extra 12 months payment resulting to 6 years of payments
2. I’m only allowed to release equity for the half of the property. Since I’m an Iva might not be possible to secure remortgage with favorable rates, will you propose 3rd charge (I have HTB) on my property to release equity
3. Why I always read IVA is better than DMP when someone has mortgage? Can DMP do the same thing? Need to understand about it so kindly give some explanations
4. I’m concern about taking the path of IVA even I can pay the monthly payment because of the equity release. Please provide more context about this matter.2021 Decluttering Awards: ⭐⭐🥇🥇🥇🥇🥇🥇 2022 Decluttering Awards: 🥇
2023 Decluttering Awards: 🥇 🏅🏅🥇
2024 Decluttering Awards: 🥇0 -
It is a shared property with Help To Buy.How can I release my equity if I will not be able to remortgage?Will I need to secure a 3rd charge using a secured loan on my property just to release the equity? Will I need approval from Help To Buy?0
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tksnota said:Hi
I have a few questions
1. i want to know if step change has a clause in their contracts Iva contract that 54months I will be required to get in touch with a specialist lending to release equity on my house to pay as much as possible to my original unsecured loan or just stick to the extra 12 months payment resulting to 6 years of payments
2. I’m only allowed to release equity for the half of the property. Since I’m an Iva might not be possible to secure remortgage with favorable rates, will you propose 3rd charge (I have HTB) on my property to release equity
3. Why I always read IVA is better than DMP when someone has mortgage? Can DMP do the same thing? Need to understand about it so kindly give some explanations
4. I’m concern about taking the path of IVA even I can pay the monthly payment because of the equity release. Please provide more context about this matter.
Thank you for getting in touch.
I'll gladly help as much as I can. In the 5th year of an Individual Voluntary Arrangement (IVA) you may be asked to attempt to remortgage so that a lump sum is available to pay to your debts or, a family member or friend can make the lump sum payment on your behalf.You only need to consider a remortgage if you have equity available (equity is the value of what you own in the property) If a remortgage is not possible, you will have to make 12 extra payments to the IVA. This will take the length of the IVA to six years in total.
A Debt Management Plan (DMP) is a less formal solution to help you deal with debts, but each have their benefits and consequences.
If you would like to find out which solution may be best for you, I would recommend seeking free and impartial debt advice.
You can get started with StepChange here.
I hope this helps.
Patience0 -
A few more questions
1. When you say lump sum are you telling me the outstanding amount? E.g. total debit is £90k wherein £30k payment for Iva and by 5 years pay off the £60k. Right?
2. I might have equity on my property (only half because the other belongs to wife) but having an IVA will not allow me to remortgage. Will Stepchange’s proposed specialist lender push for secured loan or 3rd charge on my house to pay the outstanding amount?
3. I have Help To Buy, Mortgage and can’t remortgage due to IVA. Will that makes the possibility of 12 months extra payments happen or there are instances that lump sum is still achievable even with the above circumstances
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tksnota said:A few more questions
1. When you say lump sum are you telling me the outstanding amount? E.g. total debit is £90k wherein £30k payment for Iva and by 5 years pay off the £60k. Right?
2. I might have equity on my property (only half because the other belongs to wife) but having an IVA will not allow me to remortgage. Will Stepchange’s proposed specialist lender push for secured loan or 3rd charge on my house to pay the outstanding amount?
3. I have Help To Buy, Mortgage and can’t remortgage due to IVA. Will that makes the possibility of 12 months extra payments happen or there are instances that lump sum is still achievable even with the above circumstancesHi,
Depending on how much equity you have in the property, you may be expected to look at re-mortgaging in the last six months of a standard 5-year IVA term. It is currently difficult to get a remortgage during an IVA, so in most cases this results in another 12 months of payments.
The lump sum raised from a re-mortgage wouldn’t be expected to cover the full outstanding amount owed to the creditors, neither would you be required to have any additional secured loans or charges on your property through an IVA.
There’s some more information on how an IVA would affect you and your home here.
I can see from your other threads that you’re now considering a DMP instead. If you need any help setting one up, or want to review other debt solutions, please get in touch.
I hope this helps,
Aidan0
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