Very unlikely.anyone will I am afraid. What does your proposal document say if remortgage is not possible? Some allow for additional 12 months of payments instead ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If the initially agreed period was for 72 months and you have an equity clause allowing for an extension, then, yes, it will be on top of the current 6 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry to sound stupid, but I had a letter through saying I have to get 2 valuations on the property within the 66 month to re-mortgage (I understand this). But, it is all very confusing, I was under the impression that after 72 months the IVA would finish.
It sounds like your IVA was extended possibly by Northern Rock at the time of the meeting. You then need to investigate a remortgage and there is the potential for an extra year.
Be careful about trying to get remortgage offers as these rejections will show on your credit file and possibly damage it further. Speak to your IP for clarification.
It's unlikely that you will be able to remortgage unless you have a reasonable amount of equity in your property but it may be possible to fashion an offer to your creditors if you are able to raise funds in order to avoid the extension.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
