question category: IVA

We have equity in property but are too old to remortgage, what next?
Submitted on: 4th Aug 2010 by Non-Member | Total Answers: 1

We are into month 52 of our IVA. Went through a remortgage application but because our employers will not guarantee that we can continue to work past the age of 65, we will probably be refused. What will happen next? We read so much about IVAs being 60 months long and have been given conflicting advice from our Insolvency Company - one person told us our IVA could not be extended and another said it could - just what is correct?

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Re: We have equity in property but are too old to ...

It depends on the terms of your IVA. The most common outcome if you cannot remortgage at this stage of your IVA is that the agreement will be extended for a further 12 months. You will need to obtain a rejection letter from your mortgage company then your IVA supervisor will be able to inform you of what will happen in your case.

Submitted on: 10th Aug 2010 by TA Member

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