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Posted: Sat Feb 15, 2014 2:29 pm
by boaterfi
Hi,
Just finished my 5th years and now have to remortgage, a bit worried as to who will offer a remortgage to someone with a bad credit history ?
Posted: Sat Feb 15, 2014 2:50 pm
by luluj
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 ?
Posted: Sat Feb 15, 2014 3:25 pm
by boaterfi
Hi luluj, Yes, I think it will be another additional 12 months. If a remortgage is not possible, do you think they would accept a F&F offer ?
Posted: Sat Feb 15, 2014 3:39 pm
by seagulls
Yes I think so but as I understand it the proposal needs to be as near as possible to the 12 payments that they are expecting . Good luck !
Posted: Sat Feb 15, 2014 4:19 pm
by boaterfi
Just checked my IVA Arrangement and it states 72 months, so does that mean I will have an additional 12 months on top of that too !
Posted: Sat Feb 15, 2014 4:29 pm
by Foggy
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.
Posted: Mon Feb 17, 2014 10:24 am
by boaterfi
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.
Posted: Mon Feb 17, 2014 10:29 am
by Michael Peoples
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.
Posted: Mon Feb 17, 2014 10:32 am
by boaterfi
Oh no ....I don't think I can go through another 2 years. Sometimes wish I had gone bankrupt !
Posted: Mon Feb 17, 2014 10:33 am
by Adam Davies
Hi
If you are unable to remortgage [almost certain] your IVA will normally extend by 12 months hence the 72 month clause
Regards
Posted: Mon Feb 17, 2014 10:36 am
by boaterfi
Hi, think I need to speak to Melanie for clarification
Posted: Mon Feb 17, 2014 10:41 am
by Michael Peoples
Let us know how you get on and hopefully you will not have to complete the full seven years.
Posted: Thu Feb 20, 2014 1:24 pm
by Shaun Vickery
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.