www.iva.co.uk

Hi
I am just starting year 4, I have the equity clause in my IVA, I have today received my mortgage statement, I also have a balance from my secure loan, and I have also printed off details of next door which is for sale and is exactly the same as ours. Do i just send these all to mp IP now, and what happens from here

Hi and welcome.

I think you will have to try and get a remortgage if that is what it says in your proposal/report.

Do you have equity in your house?

Hi
No we are in neg equity at the moment

You should be ok then - just send that off to your IP and wait for them to get in touch about it.

Your proposal should set out what you need to do with regards to getting a valuation and mortgage offers.

It is likely you will not be able to mortgage and will instead pay an additional 12 months. Congrats...the light is getting brighter!

Let us know what the IP says caraf.

Hi always thought you had to try to remortgage at month 48-54? am I wrong? i'm at the same stage as Caraf and not even considered this at all. x

I think you are right about the remortgage Lesley but I believe you have to get an approx valuation of your property sometime during the 4th year of you IVA. In fact if I remember my T&C's we were told to get two valuations! but my case worker said I only need one. I guess because most of us are in negative equity!

We will have one valuation and have to try two companies for remortgage quotes.

I'll have a word with Melanie as to when I need to do it, it's something I wasn't even thinking about to be honest. x

If you are in negative equity there is no need to do anything apart from to send those documents to your IP for them to report to creditors.