iva and endowment mortgage help.

ormus

my friend is applying for an iva.
he has approx 100k CC debts and a 90k mortgage (house value c165k) with an endowment of approx 50k due to mature in 5 yrs.
he has been told that he still may lose his home either now or in 5 yrs.

can anyone tell him if this is correct or not?

ormus

bump.
anyone?
please.

Poosmate

I don't know but here's a bump for your thread and hopefully someone will see it and be able to advise.

Poo

Pobby

Another bump.

poppyg_2

bump again, sorry I can't offer any advice

cassy

i dont know if this helps you but

at the end of an iva is u have equity in your property they can make you remortgage to release cash for the creditors, so at a guess they wouldnt take the endowment but make them remortgage

10past6

Hi

He will not lose his house providing he STICK'S TO THE IVA AGREEMENT FOR THE DURATION OF THE IVA.

If his IVA is accepted, he will pay a certain amout for 5 years, in year 4, chances are he will have to remortgage, if he has equity in the property, depending on the amount, and his circumstances depends what the outcome is from that.

Again, if his IVA is accepted and he fails to keep to that agreement throughout the period, HIS CREDITORS CAN PETITION FOR HIS br, THAT'S WHEN HE MAY LOSE HIS HOME.

HTH