5th year IVA anxiety

miaboo Forumite Posts: 13
Part of the Furniture First Post Combo Breaker
edited 16 January at 6:45PM in IVA & DRO
My husband is in his 5th year of the IVA and I'm trying to find out some answers please 
We only have 10 years left of our mortgage and I really don't want to remortgage this close to being mortgage free , How can we stop this?
I've looked on the IVAs website under this section and it states that if a co owner will not consent to a remortgage or secured loan then usually a 12 month extension will apply ( thats fine) can I do this as co owner amd argue its on their website if they kick off?

Also whats if we could ask them to continue normal payments till the end of year 5 then settle with a payment for the equivalent of year 6s payments in a lump sum to finish early. ( If I can get a family member to pay) also is it based on your monthly x by 12 

We are sick with worry and stress that they will want a remortgage taking the mortgage to retirement age when we should of been mortgage free by 55



  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,673
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ok, try and chill out a little, you are not forced to do anything, as co-owner you can object to a re-mortgage, and its fairy standard practice to do so.

    It will automatically mean at least another 12 months of payments, if you wanted to make a full and final settlement offer, you should do so in writing to your IP`s office, usually they would need a good reason to accept this offer, rather than letting the IVA complete.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • miaboo
    miaboo Forumite Posts: 13
    Part of the Furniture First Post Combo Breaker
    Thank you so much, thats really put my mind at ease as was dreading June when they contact us
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