IVA and equity release
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Jo-Anneb64
Posts: 4 Newbie
in IVA & DRO
Hello,
Could anyone tell me how the equity clause will effect us, we don't have more than 15% equity in our home, however do have more than £5k, how would this effect us and how do iva companies work out what we need to pay?
Thanks
Could anyone tell me how the equity clause will effect us, we don't have more than 15% equity in our home, however do have more than £5k, how would this effect us and how do iva companies work out what we need to pay?
Thanks
0
Comments
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depends on the exact wording in your IVA
From the sounds of your expected to release equity if you have more than 15% but they aren't interested in equity less than £5000. If your figures are correct you won't have to release equity
The 15% is due to the fact that getting a loan above 85% loan to value is very difficult, especially during IVA.0 -
Thank you, my mortgage is £126200 and it's worth around £140k.
I really hope we don't as ready for the iva to be over now.0 -
Don't be surprised if you have to continue your payments for an additional 12 months in lieu of the equity.
(Sorry to be a party pooper!)LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.20200 -
That's what I really didn't want to hear :-( but i thought that might be the case, I suppose it's out of my hands. Thanks for your response0
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