Payplan remortage advice needed please

A question about : Payplan remortage advice needed please

Hi,

My husband is in an IVA and we are due to go through the releasing of equity this year and just have a couple of queries regarding this.

1. Is it true that when we go for the re mortgage it cannot go over the term of our exsiting mortgage e.g. ours ends in 9 years and 3 months.

2. The amount of the remortgage cannot be more than our exsiting mortgage payment and half the amount of what we are paying into our IVA?

3. Can we choose who we approach to try and get a remortgage or does Paypal stipulate companys?

Thanks.

Best answers:

• I'm just at the end of an IVA with Payplan and these are my thoughts:
  1) I've never heard that the remortgage can't be for longer than the original. Read your proposal and check with Payplan.
  2) In my case the cost of the remortgage could increase by up to 50% of the monthly IVA payment.
  3) I believe that you can approach who you want, however, best to check this with Payplan, including what evidence they wish you to provide - it can be surprisingly difficult to get written evidence of a decline.