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Posted: Fri Feb 07, 2014 8:23 am
by oliviaseb
Good morning all.
Our IVA has come to the end but as we have equity in our property we have been told to extend by another two years!!!
We do not have a family member who could loan us the money to offer a F & F settlement but we would like to get a secured loan without any early repayment fees as we can clear it within a year.
Any advice on who to approach first for a quotation would really be appreciated.
Thanks all
Posted: Fri Feb 07, 2014 8:25 am
by Foggy
Hi. I would suggest a word with Shaun Vickery, who has dealt with a number of similar situations.
He can be found under the "Ask a Question" tab (top left) and scrolling down the page.
Posted: Fri Feb 07, 2014 8:26 am
by Adam Davies
Hi
It's unusual to have to try and extend for two years
Try our mortgage experts Ryan and Shaun, details can be found in the expert section, they may be able to help or pass you to a suitable third party
Good Luck
Regards
Posted: Fri Feb 07, 2014 9:19 am
by Shaun Vickery
It's really a question of weighing up your various options and making an informed choice. A lot will depend on the amounts involved. Don't discount the extension automatically although some people do prefer the certainty of settling their IVA once and for all.
Posted: Fri Feb 07, 2014 12:04 pm
by oliviaseb
Thank you so much for your replies x
Posted: Fri Feb 07, 2014 12:14 pm
by oliviaseb
HELP!!!
I cannot work out how to contact the Advisors from my mobile lol !
Looking to speak to Shaun if possible.
Thanks
Posted: Fri Feb 07, 2014 4:03 pm
by baldy
Hi Oliviaseb.
Just wondering, does your agreement state 2 years?
Ive never come across 2 extra years being asked.
There is a lot of different things being asked by IVA companys in lieu of not being able to re-mortgage.
Be intreseted to know exactly what your agree says!!!!
Good luck
Baldy
Posted: Mon Feb 10, 2014 4:34 pm
by Shaun Vickery
Hi Olivia, you can see experts details by clicking on their name above their picture, not sure if that works on a phone or not, I've never tried it!
Posted: Mon Feb 10, 2014 5:42 pm
by clee123
Hi,
my IVA says if I can't get a re mortgage to release the funds, my IVA is extended by 12 months. I am hoping I can re mortgage at the end so I can clear it all off, but who would remortgage knowing £15k extra is going out on an IVA?
Posted: Mon Feb 10, 2014 6:17 pm
by oliviaseb
Well... Our quote for the remortgage at the end if our IVA was 8% and that would double our monthly payments. To be honest you would struggle to get a remortgage.
Our other option was a secured loan but as we already have one and were told you can only have one we would have to add them together at 17%!
Our family cannot lend us the money to offer a F & F settlement so looks like we will have to go with the extra two years, making it 7 in total !
Five years was bad enough, our house has not had any repairs for years, my car is falling apart and my poor husband feels like he is working for nothing now.
Not sure we can do this anymore

Posted: Mon Feb 10, 2014 6:18 pm
by plasticdaft
I'd check your paperwork as it may well state only a 12 month extension is required.
Paul
Posted: Mon Feb 10, 2014 6:34 pm
by oliviaseb
Ok, I have re read through paperwork and it states"if the amount of equity available in property is under £5k it is de-minus and does not have to be released. however the IVA should be extended by a max of 12 months or until contributions have equalled the estimated available equity, whichever is sooner"
We have £24k equity so I guess we are pretty stuffed?!
Posted: Tue Feb 11, 2014 12:49 am
by MelanieGiles
Why extend for 2 years - I am afraid that I still do not get this. Which IP firm are you with?
Posted: Tue Feb 11, 2014 7:24 am
by oliviaseb
Morning Melanie
It is with Clear Debt. They said because we have so much equity in the house.
We have made every payment on time every single month.
Posted: Tue Feb 11, 2014 10:17 am
by lem
If your iva proposal states an extension of a max of 12 months, then they cannot make you extend for a further 24 irrespective of how much equity you have, you need to go back to them and remind them of the terms of the proposal!