www.iva.co.uk

I do not have enough spare income to make an acceptable offer to creditors (£200 per month on £90k of debt). However I have a house worth £85k with a mortgage of £37k. I could remortgage now and release £30k. If I went to a company having done this and offered the £30k plus the £200 would the fact I have remortgaged first be a problem and will they want me to remortgage again in the fourth year? For your info I'm 50.

Would the £200 you feel you can afford now be reduced by the higher payment on a new mortgage deal or have you based the £200 on the new payment on the mortgage?

roo

I would suggest you contact an IP and discuss your case fully with them, it is important you get qualified professional advice to point you in the right direction to proceed. If you read through a lot of posters on this site they would love to have found this site prior to their IVA, you are in a fortunate position whereby you have the benefit of the professionals to advise you here before you make your decision.Tony

You are more likely to get an IVA accepted on the basis of payments of £200 per month plus an equity release at the end. This should make a reasonable offer of settlement, and your future remortgage will be restricted to only costing 50% of your IVA monthly contribution - therefore £100 per month unless your circumstances change dramatically.