Advise please

[juliehawkins66]

they won't allow me to raise the amount £65000 and they won't allow a re mortgage tp pay off debts only for home improvements

[Adam Davies]

Hi
I'll be interested to see how you get on with this one.
Good luck and please keep us posted
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Nothing skilful about that Sony! The IP just needs to make it clear that equity release is not appropriate due to shared ownership - which is actually very well known in our industry.

And can you tell me how you work out that the poster is not insolvent? I must be missing something.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[juliehawkins66]

Hi Melanie
In your opinion do you think I would not get an IVA as I have this equity.

[mikebdomain]

Julie another reason that you would not be able to remortgage is that Tower Homes do not accept sub prime lenders. I believe that melanie is saying that you are insolvent and could get an IVA

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[Adam Davies]

Mel
The poster has 62.5k of unsecured debt and 100k of equity,clearly not insolvent
Or am I missing something ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I am assuming that the £100k us shared equity and not just that belonging to the poster. The question was asked earlier, but I can't see if has been responded to.

Julie - could you clarify the value of your house, the amount of your outstanding mortgage and your equity share for us please.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[juliehawkins66]

I think my house is worth £280k my mortgage left is £20k so my equity would be 92000

[Andrew Graveson]

Hi Julie,
What percentage/share of the house do you own?

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[juliehawkins66]

i own 40%

[MelanieGiles]

Julie

If you are unable to remortgage that sum, it may be wise to think about downsizung to a more manageable property, and then using some of the money raised from the sale to pay off your creditors. Unfortunately you are in the trap of shared ownership which initially looks attractive until you want to use some of the equity and find you cannot.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[juliehawkins66]

I think I am in trouble if I sell my share pay off mortgage and creditors I will have no money left over so I will be homeless.
So do you think I won't get approved for an IVA as I have equity.

[ray_a]

Although you can be insolvent if you are unable to pay a debt as it falls due.

Whilst there is a lot of equity it might be that a remortgage could not be possible and in order to retain the property an IVA might be a sensible option!

[sonyse2t5]

You can release EQ from share ownership, it just that it is not allowed to be used to pay debts off. Maybe that should be in the small print in the sales literature.

People who brought a bargin share accom' may not have have done so if there are restrictions to EQ release.

[MelanieGiles]

Julie

It may be possible to still offer an IVA to your creditors, on the basis that an equity release is not possible, but I feel that you will need to be offering a good return to creditors to get them to ignore the equity. Depending on your circumstances, perhaps if you were to offer an extra year's payments - ie make the IVA a six year arrangement - this might be acceptable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp