getting a mortgage whilst in an IVA ?

[a.79]

Hi

I am currently in an IVA and have been since Feb 06, I am currently in rented accomodation firstly is there any opportunity of getting a mortgage whilst in an IVA and secondly is there any way of buying yourself out of the IVA?

Thanks

[MelanieGiles]

Hi there

You can get a mortgage whilst in an IVA, but only if you have a deposit of between 15% and 20% to put down which could not come from your own money - ie a third party injection of funding.

Similarly a third party could provide you with money to settle your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[a.79]

Hi Melanie

Thanks for your reply - its difficult to get independant advice from my IVA company.

My IVA got accepted in Feb 06 so I have been doing it coming upto 2 years my original unsecured debt was £52,000 which I pay back at £475 per month (ive never missed a payment) - can you tell me an approx figure I would need to pay to settle the IVA? as my understanding is its not the total amount of debt outstanding its an offer to pay a lump sum?

My current situation is my partner (Whos not in debt) and I would like to buy a property and he could provide a lump sum to settle the IVA and allow us to get a normal mortgage as I understand there are ways of clearing up your credit file afterwards

Any help you be very gratefully recieved!!

Many Thanks in advance

[MelanieGiles]

You do really need to discuss this with your IP, as they have detailed knowledge of your case and I do not. Where would you be getting the money from to settle, and how much would be available.

A good marker is to ask your IP for a settlement figure based upon the original dividend, and sometimes if you offer a few extra pence this can stand you in good stead.

Are you a property owner with a fourth or final year revaluation clause?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
I calculate between 14-16k will be enough to return the original dividend.
Hope this helps

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[a.79]

Thanks for the info.

I don't any property at all and all the funding to settle would come from my boyfriend.

Thanks