hi all,im in iva 1 year and half ,im paying 209 monthly payments and last 3 payments will be 333 and iva will put 6000 pound on my mortgage when iva finish,my oustanding mortgage is 70,000 and my total loan was 19000 when start iva.somebody told me i dont need to pay 6000 when iva finish ,any help or suggesctions ,can i change iva or can i get better iva deal or better to stick wid them ?
You are unlikely to be able to release the £6000 even if you have the equity. Your IVA will more than likely continue for a further twelve months in lieu of that equity. Check your paperwork and/or speak to your IP.
You are unlikely to be able to change ocmpanies as it involves too much time and money.
Are you struggling at the moment? If so then speak to your IP. Which company are you with?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi and welcome! I'm not sure you could get a better deal as an iva is about repaying as much debt as you can within a given timeframe. You may not be able to remortgage come year five, but it could be possible. Whether you pay the £6k or the extra 12 months depends on Whether you can get a mortgage.
The terms of your own individual voluntary arrangement will dictate what happens at the end if you cannot source funds from a remortgage. It is likely that if there is equity which could be raised - which cannot be accessed due to a lack of supportive lenders - then you may need to extend the term of the IVA for up to 12 further months.
