Product Transfer with same bank with IVA or Debt Management

tksnota

Hi,

We are nearing our fixed mortgage and will not be able to remortgage because of the above since we have been scammed a lot of money.

My questions are below

1) what is the probability of being rejected of the product transfer?
2) one of my mates has the same problem but might use the product transfer by 4th quarter of 2025. do you think it will be taken out from the offer by that year?

RAS

A lot of people all over the debt boards just wait until 6 months out from the end of their fixed term and transfer to the most appropriate product available on their current providers menu.

If you take out an IVA, you will be required to release equity in year 5, so don't pick a new 5 year fix. If it's a sole IVA and joint mortgage, your partner might refuse and you'll have to extend the IVA period.

You might be able to achieve a similar discount by doing a self managed DMP and gathering a fighting fund to do full and finals after year 3. The budget is easier and more flexible if life happens. It's not without reason that 30% of IVAs fail.

tksnota

Thanks for the advise. A few more questions that hopefully you can help me 

1. What do you mean 30% of IVA fail?
2. It is a sole IVA. Assuming we agreed to take out 5 year mortgage via product transfer but plan to pay it before 5 years, do I still be required to release equity or just extend the payment via 12 months
3. Do you feel the product transfer will be taken out from the market a couple of years from now 
4. Are DMP and IVA normally not being subjected to credit checks?