Thanks for the responses, I've just noticed an error in my original post. Our original debt was £34,500 not £345,000 as stated.
Shaun thanks for your input. I will certainly bear you words in mind.
Maybe our situation is rare but surely we are now in a period of punishment which serves no-one. as things stand we owe a total of approx. £175,00 (mortgage and IVA) in a house, as I have recently discovered, worth well in excess of £300,000. I'm fairly certain our creditors wish to be repaid, and we on our part would be more than happy to honor that debt.
I may be wrong but, I thought IVA's had some kind of Government backing as a way of helping those in strife stay in their homes, rather than face bankruptcy. To be honest the thought of having over £100,000 sitting in the bank seems very appealing right now.
It seems that this has turned into a bit of a racket, designed more about the desire of the finance industry, rather than the real people who's lives affected.I'm not saying we are all blameless for getting into difficulties, but the Banks and Financial Institutions were very willing, indeed proactive in creating the debt culture. They took the bets on, but it seems like they are never allowed to lose. I might pop down to Ladbrokes to see how much of my football accumulator stake money they want to return as I haven't won!
Is there not a representative group to put pressure on whoever it is that dictates this culture?
Rant End!
Last edited by nomad2801 on Mon Apr 18, 2016 8:59 pm, edited 1 time in total.
I totally understand your frustration and we do work very hard trying to get lenders to actually understand IVA's properly, which is half the problem. Given your circumstances it may well be possible to release some equity from your property in order to make an offer of full and final settlement to your creditors but, in my experience, you would not only be wasting your time with Nationwide but potentially damaging your prospects of achieving the best outcome for yourself. With some professional help from someone experienced in this field you can look at your options so that you have a clear picture before deciding how to proceed.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
So that I can 'run the numbers' can you give me some idea of the range of interest we could expect to pay if we were able to release the equity in our property? I have previously used the current rate we pay on our existing mortgage in my calculations. Obviously there comes a point, if the rates are too high, that such action becomes unattractive.
I understand you would need full details to provide an exact, and I wouldn't hold you to any figure quote, but it would be good to know the ball-park we are in!
I think you need to phone him off forum for case specific advice.
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
Kallis, I think the question was general enough, and being a forum could be answered by anyone with such knowledge. Much as if I'd asked how much I might have to pay for a decent carp rod on a carp fishing forum. BTW I will never be on a carp fishing forum!
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
I think possibly too general a question. Maybe Shaun will comment.
There are a few lenders who might accept an application and their rates vary between themselves, and, indeed, within each lender, depending upon the applicants circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy, I understand all that, but at the moment I can only work on the assumption that the rate would be somewhere between 0% and 100%. It is a perfectly reasonable question. I do not wish to waste Shaun, or anyone else's time. This is a forum for sharing knowledge, is there no-one who has taken such a facility? If I said I was paying 25% on my existing mortgage you would say 'that's a high rate!' because it is well outside the range of interest currently paid on a high street mortgage. I quite simply have no knowledge of the likely interest to be charged by a 'specialist' lender, and would of thought it not beyond the wit of posters here to put me in a range of +/- 5% say, so I may evaluate such action, and take it further as appropriate.
It's not so much what the rate would be but whether it's possible and/or appropriate. If it were possible then a secured loan solution would likely to be in the range of 11% to 19% but, personally speaking, I might not be prepared to recommend it. As previous posters have mentioned it does depend on your circumstances and I am unable to stray into advice on this forum for regulatory reasons. There are also many other factors to take into account - for example, if the loan could be limited by the standard 50% rule ie. the repayments cannot exceed 50% of the IVA contribution then quite perversely the higher the rate the better it could be for you. This is because it may be appropriate (entirely dependent upon your unique circumstances) to then consider a re-mortgage to settle the loan within 12-18 months.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
It might be worth making the point that previous posters here do not receive any remuneration for what they do, it is done based on their own experiences and in order to support other people in similar situations.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Well said Shaun - nobody on here gets any salary for posting. We do it because we can help and some of us have been in the same position.
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
Glad you eventually got the info you needed nomad2801. It is a mindfield out there and the forum is here to help and support you and any other poster that may have questions. We cannot always provide the detail but aim to at least direct you to the most appropriate course of action.
I wish you the best of luck in whichever route you decide to take.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi nomad2801 - I understood you just wanted a ballpark figure to help you look at your situation. I'm sorry we weren't more helpful and constructive in giving this sooner.
I personally couldn't have answered you, but so glad you've got an answer (eventually) and hopefully anything else you need you'll return.
All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
