5th Year of IVA

Matt2502

Looking for advice

My wife is on the last year of her IVA and has now been told she must remortgage to pay off the IVA. I have spoken to Santander who said we can’t remortgage for debt consolidation and due to a current IVA so they will not process an application so I can’t get a refusal of application letter.

i have sent the link to the IVA stating on the Santander website they will not process an application letter but they still stating they need one before they can send to the creditors or extend by another year. I don’t want them to cancel the Iva and make her bankrupt and potentially lose are home. I can’t seem to get any help.

has anyone else been through this and can anyone advise?

thanks

RAS

IVAs fail all the time. Creditors don't make the debtor bankrupt, unless she owes the HMRC?

A lot depends on your wife's agreement with the Insolvency provider. Did she agree to a 6th year extension, or does it require her to take out a secure loan at high interest rates.

fatbelly

As above. 

Debt Camel is pretty good on this.

https://debtcamel.co.uk/ivas-complain-secured-loan/

https://debtcamel.co.uk/complaint-iva/

It's very common for someone in an IVA to be unable to remortgage. It doesn't fail the IVA. You just do another year