what would happen if i can't remorgage

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deanno

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Post by deanno » Fri Apr 11, 2008 9:06 pm
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I have an IVA in place with a 4th year clause which comes into effect in January 09. We live in a part ownership home and have been told by some companies that it will be nigh on impossible to remorgage this. What would happen if i can't do this. I'm paying £300 a month into the IVA. Any advice
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MelanieGiles

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Post by MelanieGiles » Fri Apr 11, 2008 9:18 pm
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Hi there

You will need to look to the specific terms and conditions of your IVA to see whether there is any contingency against you being able to remortgage. If not, then you need to seek the advice of your supervisor who will probably recommend that a meeting of creditors takes place to seek creditors' views.

If I were acting as your IP, I would suggest to creditors that they accept the five years payments in full and final settlement - others might suggest that you pay for an extra year.
Regards, Melanie Giles, Insolvency Practitioner
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