i have an equity release clause in my fourth year for 32 k but my house value is the same as my current mortgage.what are my options and can i still see my iva through
What you will probably find is that if you cannot remortgage, or you have no equity, your IVA may be extended for a further twelve months.
Depends on what it says on your proposal/chairmans report.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You will have absolutely no chance of re-mortgaging with those figures, so check your IVA proposal to see what it says in the event that this is not possible. As Kallis says, it may well provide for an extra year's payments, but this is not always certain.
I would speak to your ip as you may need a variation from the creditors as an extra 12 months of payments is going to be well short of the 32k required. I think the extra 12 months is usually accepted if it is near the figure required but of course this will depend on the creditors that is why a variation will need to be proposed.
