We are 4 1/2 years through our IVA having made all payments on time. We have now been asked to release some of the equity in our home via a remortgage. As house prices have dropped we have only £20,000 equity. I am 70 and need to stop working for health reasons and my husband is 79. How are we to get a remortgage with so little equity and a very reduced income when I retire. Can they make us sell our home?
Hi
Very, very unlikely.
Either your IVA will conclude at year five or it may be extended by one year instaed of equity release.Speak to your IVA company for reassurance
Regards
Is worth checking your proposal again - you may find if you can not remortgage(unlikely) /sell , further equity (IVA payments) may be required.
To put you minds at rest speak to your IP direct.
Hi, I think that's a good idea of Mel's, especially given your ages and health problems.
It would be great if you could enjoy some quality time in retirement without worrying about debt.
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
