Equity Release

Phil538

My wife had to take out an IVA due to a failed business. The IVA company are now forcing her (us) to take some kind of equity release loan as additional payment, so I am wondering what would be the best option. My wife is currently 55 years old, I am 63 and on the brink of retirement. We were not expecting this bombshell to happen and originally had no intention of using ER at all.

Keep_pedalling

This is not the right board for this question. Post on the IVA sub forum on the ‘Bankruptcy and living with it’ board (link below)  which is where you will find the expert help. Also provide details of exactly what her creditors are trying to do regard your house.

https://forums.moneysavingexpert.com/categories/iva-dro

Phil538

Sorry, ok thanks for your help, I will post on that board

fatbelly

You need to look at the terms of the agreement. As far as i know equity release is normally done by a remortgage or secured loan. In most cases lenders refuse to lend to an insolvent person and so an extra year is added to the iva.

I believe Debt Camel has written about this on her site if you browse

https://debtcamel.co.uk/iva-equity-release

Phil538

Thanks for your help, my wife is looking for the original agreement with Aperture, which then changed to Jarvis and now Debt Movement, so I don't know if the Aperture agreement still applies. She is in the 5th year of payments, and thought that it would extend to a 6th year and that would be the end. 

fatbelly

Phil538 said:

Thanks for your help, my wife is looking for the original agreement with Aperture, which then changed to Jarvis and now Debt Movement, so I don't know if the Aperture agreement still applies. 

Yes it does.

Debt Camel is quite concerned about the exact situation you find yourselves in, so I think if you post on her site, she will answer. Her real name is Sara.