www.iva.co.uk

have been trying to get a remortgage and have been told no by 4 banks but they wont give us a letter to say this what do we do now

Hi

Ask your IP what they suggest, perhaps they will know a mortgage broker that you can approach and they can then confirm direct with IP that a remortgage is impossible

Regards

Be careful about getting searches carried out against you as this could cause further long term damage to your credit file. Your IP should be able to accept your word as they will know hardly anyone gets a remortgage while in an IVA.

spoke to grant thornton team and was told to try online and when it gets to the bit saying we cant continue because we want the money for iva and have to ring them, print that out and send that in as they have to have something in writing to say we have tried.

That sounds fine as it would not require the lender to carry out a search against you. Sounds like a common sense approach from GT.

It is a pain as it's just going through the motions, but you do need evidence. I got a letter from my mortgage provider and bank who were both sympthetic as after 4 years my credit record was fine, but their policy is no to anyone in an IVA.

Seems like a plan and a way forward, all the best.

we are just so worried as we have equity in the house that would pay back the creditors in full. our iva contract says if we cant remortgage then we have to carry on for another year but we are worried that they are going to make us sell the house because of the equity.can they do that?

Not if the IVA has not been modified by creditors. Most creditors will be fine but if you have a creditor such as HMRC it may be that you will have to sell if the funds cannot be raised.

dont have HMRC as a creditor. what do you mean as modified ?

Creditors can introduce conditions or modifications at the meeting of creditors which would have been discussed with you at the time. They usually relate to the IP fees but sometines creditors request a minimum return or some other condition which has to be met. If this had have bene the case then GT would have discussed it with you so I can only assume it will be fine.

only ones we had were gt fees and that our son contributed when he had a job or jobseekers. there was nothing to do with the house on it.

It should be fine or so the extension will probably be automatic once GT get evidence that you cannot remortgage. If you wanted to settle now you could probably get a secured loan but if you are happy with the extension hopefully the next year flies by.

an extension would be better as we are both in our fifties now and my job isnt very secure and we dont want any more debt secured on the house. we only have 5 years left on our mortgage now

sorry just have another question. we still owe approx 27000 on iva so if we pay for another year they will only get another 3600. will they be ok with that ?