Grant Thornton IVA & Remortgage

[clint1974]

Hello

 

My partner has a iva with grant thornton that is due to end in august. As part of the agreement she has to release any equity in our property to settle. However with a remortgage and having an iva it will be difficult to say the least and with other penalties/clauses with our current mortgage provider could prove costly. My questions are is there any other options? our mortgage statement is around £66k owed and the flat is worth 75-78k so there is equity there, However we could get a lower valuation so that there wouldn't be equity if you know what i mean ;-)

[rebel11]

Hi clint

 

The guys will be happy to advise as soon as they are available.

[clint1974]

anyone ?

[toddle2u]

It depends on how the IVA document is worded and structured with regards to the equity release. From the figures you have shown she would be liable to pay over about £5K. She is probably best speaking to the supervisor and saying there is no equity in the property and what happens in this instance. A lower valuation as suggested would be useful

[gord1963]

check the terms of your IVA - the chances of your g/f getting a remortgage with such a marginal loan to value is virtualy nil in todays climate - eben if she had a perfect credit score it would be hard - but with an IVA on the record .........

 

I know that my IVA saiid that there would be an extra year if any equity could not be released and there was sufficient . It will be close - also a lowish valuation will help !

[Philipo Shields]

There is no way being in an IVA that you will EVER get a remortgage. New FSA rules would forbid any lender doing so. What WILL happen is this ; and it is in all mortgage related IVA agreements if you are able to read long and hard. They will call a creditors meeting (and charge you) to agree a variation to extend the IVA by 12 months. Yes I know they didn't TELL you this but I've read enough Blair Endersbies to know it is written . Sorry!

[sequenci]

Philipo is correct. I have a lot of experience with GT IVA's and it is very likely you'll get a 12 month extension.

[shellybruce]

hi ya new on this site, this question is the one on my lips I am in my final year of a IVA firstly with blairs and endstieim suddemly taken over by grant thornton without asking our permission, after 25k debt that cause us to seek IVA , blairs told us that after five years, and that the last seven months the payments would go up by hundred and fifthy pounds, that we would still owe 7k, but with a remortage to pay the rest but with the reassurances that nobody would touch us so the 7k would be written off, now we are hearing that will be given another 12 months, would there be a case of being misssold a IVA and their fees have loaded another 5k on the debts!!!

[sequenci]

hi ya new on this site, this question is the one on my lips I am in my final year of a IVA firstly with blairs and endstieim suddemly taken over by grant thornton without asking our permission, after 25k debt that cause us to seek IVA , blairs told us that after five years, and that the last seven months the payments would go up by hundred and fifthy pounds, that we would still owe 7k, but with a remortage to pay the rest but with the reassurances that nobody would touch us so the 7k would be written off, now we are hearing that will be given another 12 months, would there be a case of being misssold a IVA and their fees have loaded another 5k on the debts!!!

 

Hello Shelly, welcome to CAG. Please consider starting your own thread - you're sure to get more help that way. To answer your question you will need to check your terms & conditions of the original IVA - however it is common practice for IVA firms to extend the term by a further twelve months instead of remortgaging.

[clint1974]

Thanks for the replies, my partner has had to pay a final settlement of over £1000 recently but they still say it could be 3-6 months before a certificate of completion is issued. We have had no correspondence from them no statements etc and constantly have to phone them for info. Could someone point me in the direction of the ombudsman/complaints procedure?

[sequenci]

Thanks for the replies, my partner has had to pay a final settlement of over £1000 recently but they still say it could be 3-6 months before a certificate of completion is issued. We have had no correspondence from them no statements etc and constantly have to phone them for info. Could someone point me in the direction of the ombudsman/complaints procedure?

 

Here you go:

 

http://www.bis.gov.uk/assets/bispartners/insolvency/docs/publication-word/ipcomplaint.doc

[leicester girl]

hello, I had the same problem with the same company, if there is no equity in your flat then you can offer an extra 6 months of payments instead and if the creditors accept then you don't have to remortgage. This is what I did.