Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    IVA's - equity release in 4th year
    • #1
    • 21st Oct 08, 2:06 PM
    IVA's - equity release in 4th year 21st Oct 08 at 2:06 PM

    This is a question I added to someone else's thread on DFW, but it was suggested I post here for advice:

    If you've agreed to an IVA of say 50% of debt plus fees of X, in year 4 of the IVA, if you had the equity, could they force you to remortgage for the remaining 50%, so in actual fact you would have paid 100% debt plus X fees??

    I'm struggling to understand how this part of an IVA works, there doesn't seem to be any clear guidance about this. :confused::confused::confused: What if you can't borrow the money - how do you release the equity? How should you repay the secured loan (equity release) if you couldn't afford the debt repayment? Do you have to borrow it from any sub-prime lender willing to touch you and therefore pay high interest?

    Thanks for any answers!
    Light Bulb Moment Jul 2008 /
    CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
    Debt Free Day Aug 2032, Feb 2018, Jul 2032 Feb 2023
    July-08 Unsecured Debts 40,499 / Nov-09 Unsecured Debts 38,945
Page 1
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,855Posts Today

8,225Users online

Martin's Twitter