Posted: Sat Sep 29, 2007 6:00 pm
Hi First Time Post,
we've just found the forum, we didn't know there was any such forum on the net and we've previously felt really alone and niave about our IVA
We're just 15 months into an IVA with our house as an excluded asset, there isn't a lot of equity in it anyway from previous consolidation loans.
our first anual review ended up with us paying out another £100 (New monthly payment £600) on £88k This was due to my payrise and me cancelling my pension contributions to free up some money to live. I was shocked when this went up as our IVA proposal detailed each of the 5 years @ £500 there was a mention of an anual review but that was explained to us as a review to make sure we can still afford the £500 not as any reason to extract more money we can't afford
I've read some threads about settling early...... We have some questions which we'd really like some help with please. We've really lost faith in our IP as far as taking any advice from them goes.
1. Is it likely that we're not far enough into our IVA to propose early settlement ?
2. Are We allowed to re-mortgage to help early settlement, it's possible that we may be able to borrow some money from a relative and combine the last drops of equity with this to propose early settlement.
3. For those people who do have re-mortgage clauses in their IVA's are there specialist lenders for people with IVA's or do "normal" lenders provide loaded rates for people like us
I'd just like to add that finding this forum has really helped us feel that we're not alone in our unfortunate circumstances. We've felt like Lepers for the last couple of years.....
Any help or advice on the above questions would be great
Thankyou
Mac & Tori
we've just found the forum, we didn't know there was any such forum on the net and we've previously felt really alone and niave about our IVA
We're just 15 months into an IVA with our house as an excluded asset, there isn't a lot of equity in it anyway from previous consolidation loans.
our first anual review ended up with us paying out another £100 (New monthly payment £600) on £88k This was due to my payrise and me cancelling my pension contributions to free up some money to live. I was shocked when this went up as our IVA proposal detailed each of the 5 years @ £500 there was a mention of an anual review but that was explained to us as a review to make sure we can still afford the £500 not as any reason to extract more money we can't afford
I've read some threads about settling early...... We have some questions which we'd really like some help with please. We've really lost faith in our IP as far as taking any advice from them goes.
1. Is it likely that we're not far enough into our IVA to propose early settlement ?
2. Are We allowed to re-mortgage to help early settlement, it's possible that we may be able to borrow some money from a relative and combine the last drops of equity with this to propose early settlement.
3. For those people who do have re-mortgage clauses in their IVA's are there specialist lenders for people with IVA's or do "normal" lenders provide loaded rates for people like us
I'd just like to add that finding this forum has really helped us feel that we're not alone in our unfortunate circumstances. We've felt like Lepers for the last couple of years.....
Any help or advice on the above questions would be great
Thankyou
Mac & Tori