I cannot get a straight answer

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sally.m

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Post by sally.m » Tue Jan 22, 2008 12:38 pm
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hi i am just about to conclude my 2nd yr IVA with Budsworth & Co. I haven't got my details to hand but I think i owed about £90k and the IVA was for about £37k. My question is can i remortgage as my house is worth about £142k and I have a mortgage of about 85k. My proposal was that I had to raise £15k in the 4th yr. I have paid one yr at £500 and the 2nd yr at £350. I am having cashflow problems and want to release this equity and do a full and final. I cannot get a straight answer from Budsworth at the minute so was wondering if you had any answers.
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mikebdomain

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Post by mikebdomain » Tue Jan 22, 2008 4:37 pm
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Hi Sally and welcome to the forum, to remortgage you will need the permission of your IP/creditors

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Oliver

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Post by Oliver » Tue Jan 22, 2008 4:43 pm
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I think the best thing to do is request a full and final redemption figure from your IP and then you can attempt to source the funds through a mortgage broker.


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Oliver

Thomas Charles and Co Ltd.
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Oliver
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Adam Davies

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Post by Adam Davies » Tue Jan 22, 2008 6:41 pm
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Hi
It is always difficult to offer a full and final by way of remortgage when you have the final year equity clause.However if the 15k figure is set in stone then you have a good chance
Check your chairmans report and find the exact wording regarding your equity release
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Andy Davie
IVA.co.uk Spokesperson and Website Manager

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http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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