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Posted: Thu Jul 11, 2013 1:51 pm
by mummyjosie
Hi, this November will be the end of our 4 th year in our iva, what happens in year 5, will our company contact us about trying to remortgage ? If we cannot remortgage can we do a f&f so we can finish at the end of year 5?
Hope this makes sense!!
Hanks[:)]
Posted: Thu Jul 11, 2013 2:21 pm
by Drew
Hi, it really depends on what the remortgage clause in your proposal says and who your IP is. Currently our proposals state that you would attempt a remortgage in the 4th year of the IVA and if there was any equity available over £5,000 but for whatever reason it was not viable (affordability or banks lending criteria) then the IVA would be extended by 12 months in lieu of the equity.
It does very much depend on what your proposal says though.
Regards,
Drew
Posted: Thu Jul 11, 2013 9:30 pm
by MelanieGiles
Do your proposals really say this is to be done in the fourth year Drew, or is this actually done in the final year in line with the IVA Protocol?