www.iva.co.uk

Hello,

I will be coming up to the final year soon and as I now have equity in property my understanding was that we would try and remortgage (almost 100% sure this will not be possible as aside from IVA we already have a third charge on property in the form of a housing association in which they always retain a percentage of the value) and then pay 12 extra months.
But now I am concerned Credit fix will try and force us to take out a loan instead of the 12 months payments. Due to the above I am sure a secured loan would not be possible but we had some info sent to us about an unsecured loan to pay off IVA early. Read through the info and not worth it for me as hopefully only 2 years left but could they force us to take out an unsecured loan instead of 12 months extra payments?

If your agreement says "remortgage or extend" those are the two options they can insist upon. A secured loan is NOT the same animal as a remortgage and cannot be forced upon you. Some new agreements do have a secured loan option added, since 2014.

Mine has remortgage, extension or 3rd party sum so assuming that could mean secured loan.

I would imagine that it does Ant although some of the companies do unsecured loans as well to finish off the IVA early.

Some firms have tried to interpret the 3rd party sum as meaning a secured loan, Ant. I know some have been challenged on this and have backed down.

If it HAD meant that a secured loan was included in the definition the IVA Forum would not have seen it necessary to introduce secured loans into the clause in 2014, as it would have already been covered.

Unfortunately this is a thin arguement, as they could have been merely trying to clarify the original intention, but, in the interests of fairness, the more enlightened IP's are taking the doubt as sufficient reason to err in favour of the debtor.

Thanks for the replies. I checked the agreement and it does say remortgage/third party sum or extension.

annierose where you transferred to CF? If you were PJG originally it was Not A secured loan