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Remortgaging With An IVA

If you are using an IVA to deal with your debt problems, it may still be possible that you wish to remortgage your home. Sometimes this is a requirement of the Insolvency Practitioner under your IVA, but at other times it is just something you wish to do to release some of the capital. There are many lenders who specialise in this type of bad credit remortgage, and in general it is not difficult to remortgage because the lender always has the security of the value of your property. Having said that, the last thing you want is to lose your home, so always think very carefully before going down this route.

Using An IVA

There are times when your debts may become too much for you to deal with any more, but for UK residents there is a way out. You can file an IVA to get out of debt. An Individual Voluntary Arrangement can keep you from having to file bankruptcy. This is an agreement that you make between yourself and your creditors. It is a formal agreement. You will work out a plan to pay them reduced payments and will pay a small percentage of what you actually owe. You will generally make payments for at least four years. After the four years you will be free of your debts. The creditors cannot bother you anymore.

If you own a home and you have equity in it you may have to remortgage that property. With an IVA remortgage you must refinance your home and use the equity to pay off some of your creditors. This will generally have to be done the last year of the payment plan. Since you are participating in an IVA it may not be as easy to get a remortgage, but there are still plenty of companies out there that specialise in this. You can of course expect to pay a higher interest on these bad credit type loans.

An Individual Voluntary Arrangement will affect your credit for about five years. After that your credit will be back on track. Since you are considered a risk during an IVA you will have trouble buying anything more on credit. When you do find a company that will take the risk on you, they will charge a higher interest because you are considered a risk.

There are a lot of good things with an Individual Voluntary Arrangement. No one needs to know about it. With a bankruptcy it will go in the papers. Everyone can read about it. This is not true with an IVA. It is not publicised. Creditors will not be able to harass you during an IVA. They must leave you alone. Creditors vote to approve this arrangement. If the creditors representing at least 75% of the money owed approve of the IVA then all creditors must abide by the arrangement. The law makes even the ones who voted against it part of the arrangement in this case.

You will find it is much cheaper to do an IVA than it is to become bankrupt. It will not affect your credit for as long as a bankruptcy does. Your creditors cannot take you to court as long as you abide to the arrangement. It will not affect your employment. You can stay in the armed forces or the police force and you can still hold public office. If you file a bankruptcy you would lose these types of employment. You will not lose your home, but you may have to get an IVA remortgage on it to help pay creditors. This can be the way to repair your credit and get a fresh start.

Since an Individual Voluntary Arrangement is a legal procedure you will need to have a licenced professional help you with this. An insolvency practitioner or IP will do the work necessary during this process. The IP will file the application with the courts and will handle negotiations with your creditors. Once the IVA is in place he will oversee the payments and make sure everyone is paid.

An Individual Voluntary Arrangement is legally binding. You will be expected to adhere to the payment plan and your creditors will have to accept the arrangements. During the payment plan your situation will be checked on occasion to see how you are doing financially.

Although your credit will be affected in a negative manner for a short time and you may have to get an IVA remortgage, an arrangement like this can be the solution for you if your debts have gotten out of control. It is a way to get a fresh start on good credit again. Once you have good credit again the best thing you can do is to stay away from credit cards. Try not to buy anything on credit. Use cash to buy items and your debts will stay manageable.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.