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Posted: Mon Mar 02, 2015 5:33 pm
by Dave.34
I am getting very concerned about some posts saying that if you cant get remotgage in the 4th year you can be made bankrupt.also one post saying there iva has been extened to 15 years. I have read through my iva and all mine says is one year extention if you cant remortgage.I will have to remortgage for about 37k but 12mth extra will only be about 3k.Can this be changed at the variation meeting in the last year
Posted: Mon Mar 02, 2015 5:45 pm
by Foggy
Hi. They can only do what is outlined in your proposal and cannot vary the terms without your agreement.
The 15 years you refer to was not an extension of the IVA but the term of a proposed secured loan, which they cannot force upon you.
Posted: Mon Mar 02, 2015 5:50 pm
by Goosed
Hi Dave.34,
The equity release clause in pre 2014 IVA`s usually stipulates remortgage to 85% LTV or an extension of no more than twelve months / payments in lieu of equity if unable to remortgage.
You will need to scrutinise your own proposal wording for clarification.
I think you may be confusing the `15 year extension` post with the said poster actually stating that their IP is trying to force them into a 15 year secured loan, after they have been unable to remortgage, as a means of raising their respective equity amount...this is a tactic that is becoming more prevalent with some IP`s.
As for the bankruptcy post, the said poster may have had certain clauses that needed to be met, but haven`t been within their IVA.