Author Topic: Looking at iva  (Read 2075 times)

Taxicab

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Looking at iva
« on: Mar 27, 2013, 04:12:22 PM »
I'm looking at going into an iva, I've been told I may have to remortgage to release the equity, but what happens if I'm unable to get a mortgage due to my credit history?? Please help

James Falla

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Re: Looking at iva
« Reply #1 on: Jun 07, 2013, 01:10:23 PM »
Hi Taxicab
 
How did you get on with your decision making?
 
If you are a home owner and you start an IVA, then yes, you will need to agree to release equity from your property in the final year of the IVA. However the key to this is you only release equity if you can get a mortgage to do so. If there is equity in the property but you cannot get a mortgage (as is often the case with people in IVAs at the moment) then the idea of releasing equity is dropped. However your IVA payments are extended for a further 12 months to compensate your creditors.
 
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