I have been advised that after 5 years of IVA payments, with the remaining debt at that time, creditors could try to release equity and force re mortgage. However my advisor said its unlikely id get a re mortgage due to what would then be a poor credit record. My question is this, my mortgage is shared with my ex husband (we have young kids who live with me, I pay the mortgage), who is in a well paid job and has a good credit rating. Due to him still being on the mortgage, even though the IVA is in my name only, could they force a remortgage based on his income and credit record?
I sincerely doubt it --- you would be checked as a couple still and your IVA will preclude a re-mortgage at this time. Things might change over the next few years and re-mortgaging might become easier, who knows ?
Currently it is usual to assume that a re-mortgage will not happen. What are the alternatives in your proposal ? This must be explained in full and "we will see what happens" is simply not good enough.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I can't imagine how your creditors would even know that your ex-husband has a well paid job or a good credit rating? If I was your ex and found out that your creditors knew anything about my financial situation I'd have the ICO all over them before they knew what was happening!
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
Thanks for replies.
Michael Peoples, id rather he didnt know about the IVA for a whole host of personal reasons. Are you saying that when I sort this with my advisor, shes ringing back on the 2nd Jan, I should ask my creditors to agree to 6 year repayments now when the IVA proposal is put to them? The plan has always been that I would sell the house when my kids leave school, I'm trying my best to keep a roof over their heads. If my ex was dragged into a remortgage, understandably he wouldn't go for it. As of now there is no equity in the property. Thanks in advance for any help, I really dont have anywhere but the people on here to turn to for advice.
You could do this and see what creditors say. We have done it in the past and it has been accepted and your case seems standard enough. It may come down to the level of equity and which creditors you have but certainly worth proposing.
