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mediabird
- Posts: 8
- Joined: Fri Jun 05, 2009 3:14 pm
Hi, my IVA is in its final year and should end at the end of April. I knew I would have to remortgage but have tried and cannot afford the repayments, as they are considerably more than my IVA. Is it likely that I will be able to pay for another year or can the creditors insist that I sell the house? I am very concerned. Thanks
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
The answer may be in your proposal and if in any doubt do ask your IP for clarification. It's unlikely a remortgage can be sourced in the current climate, therefore often 12 months extra payment will be accepted by creditors in lieu of equity.
Have a word with your IP take their case specific advice, hopefully that will alleviate your concerns, all the best and hope things work out positively for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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country girl
- Posts: 868
- Joined: Fri Jul 10, 2009 8:49 am
- Location: United Kingdom
Hi Mediabird
I am in the same position. As Lesley said see if the 12months is in your proposal. Unfortunately mine does not contain this and it has to be put before the creditors. For me it is like starting all over again. If it is agreed I will have to pay over all my surplus income. I have been lucky to have pay rises so my monthly payments for the last year will rise by 50%.
I have been unable to get an answer on what will happen if they don't agree so as you can imagine I am really worried about this at the moment. My 5 years ended on 19th March but all this has been going on since the beginning of October.
I think it depends what company you are with as to how this is handled.
