Clarification re equity release and extra year

[Debt Monkey]

Hi All,

I have the 4th year equity release clause but as im mortgaged up to 95% its unlikely I would be able to 'remortgage' to release any equity. My IVA chairmans report states that my IVA will last no longer than 72 months. As far as I am aware I am paying 60 payments with equity release and its all over. Why would they put the 72 months note in? Will I be expected to pay an additional years contributions if, as I say there is no lender on the planet who will remortgage me to release what little equity I have?

Cheers,

DM (enjoying a free cider!) Got bless my friend at the brewery!

[Adam Davies]

Hi
It dependes on the wording on your chairmans report,however it sounds as if the 72 month limit relates to extending your IVA to pick up any arrears and not an extra year for compensation for no equity
Regards

[Debt Monkey]

Phew. I think you are right, that is what I thought, will confirm with IP next time we chat.
Thanks Andy

[MelanieGiles]

I completely agree with Andy on this one, but best to get the paperwork out now and read through it carefully to be sure.

[Debt Monkey]

thanks