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Buying out of an iva
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johnandkymberley
Posts: 128 Forumite
in IVA & DRO
hi all,
ok so our mortgage needs sorting, a good friend is a mortgage adviser so he’s doing it. We got an iva 3 months after our last mortgage review so he has no idea about it. We have told him and said we were embarrassed about it. He’s told us it’s not good and he will try his best to get us back on track and out of the iva. How do you ‘buy out’ of an iva though? I’m not sure on that process?
ok so our mortgage needs sorting, a good friend is a mortgage adviser so he’s doing it. We got an iva 3 months after our last mortgage review so he has no idea about it. We have told him and said we were embarrassed about it. He’s told us it’s not good and he will try his best to get us back on track and out of the iva. How do you ‘buy out’ of an iva though? I’m not sure on that process?
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Comments
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There's an essay here from Debt Camel.
If you have equity in your house you are probably going to have to offer most of what the debt is valued at, plus the IP fees.
If your friend is offering to do that by raising further capital against the value of your home this may not be in your best interest, long term.
https://debtcamel.co.uk/iva-settlement/
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