what will happen if I can't get a mortgage ?

[cdm]

Im a home owner if i enter an iva and after 5 years cant get a mortgage to give creditors the equity in the property what will happen

[MelanieGiles]

Hi there cdm and welcome to the forum

That really will depend upon your individual circumstances at that time and the terms contained within your own IVA. If the IVA has been proposed under current protocol, and you have demonstrated you cannot raise the money, then your IP has to revert back to creditors and it is likely that you may be asked to pay an additional year's contributions to address the equity, but this is not set in tablets of stone.

[kallis3]

Hi CDM,

We also have to try and do an equity release with our IVA's. It is actually written into ours that if we cannot get a remortgage, then the IVA will continue for another 12 months.

As hubbie will be 66 by then, and I will be 59, I can't see anyone touching us.

[Oliver]

Currently it is likely that you would have to continue paying your creditors for a further 12 months. Contact your IP and ask them what your specific agreement refers to on this point.