- Sun Jul 15, 2007 3:52 pm
I've looked at the chairmans report and it states that during the 4th year I have to remortgage to release £15000 equity to be paid into my IVA or my IVA can be extended for a 6th year to pay an equivalent amount into it over the year. Unfortunately there's no way I can afford to pay them £15000 in a year, I would have to pay them more than I earn each month.
Chelsea couldn't help me either as their minimum mortgage is £40000, and I only own 25% of my property. I will give Pink Loans a try & see if they can help.
Selling my house and downsizing isn't an option either, I live in a 2 bed terrace with my young son, so there's not that much to downsize. Also I couldn't afford anything on my salary and with the credit rating I've got.
I can't face coming this far only to be made bankrupt in the final year of my IVA simply due to the fact that I can't remortgage.
If I don't get anywhere with Pink Loans I'll contact my IP to see what they have to say. Does anyone know if it's possible to re-arrange an IVA to just pay a higher monthly amount and not remortgage?
If anyone else has any more advice I'd be really grateful of your help as I'm running out of time.