Equity release rule and not much time to pension

[elizabethr]

Still gathering info in preparation for a way forward.
Current situation with house is:

Current value is somewhere between 170K and 185K - say that because estate agent valued at 185 last June but when was thinking of remortgaging the Abbey (current lender) surveryor said they would only value it at 170K.

Current mortage os is 139K and is interest only. House and mortgage is in my name because it went into my name when we divorced but as we remarried (each other) my husband would be entitled to his share if we did split again (hope not but have to be realistic and he would be really naffed of it my creditors wrote him out of the equation. I don't want my family to go through any more stress).

I am 54 next, if I want into an IVA that would take me to 59/60. As the mortgage is interest only and I would then be nearing retirement what would be the situation about equity release towards the end of the IVA. The other thing to consider is I have one daughter just started uni so will be coming backwards and forwards for a while and one of 12 so will only just be finishing high school at the end of an IVA.

Help!!!! I am really bothered about having no where to live. Our house is one of the cheapest where we live in sunny Lytham St Annes and I don't know what else we could afford round here. Thinking really long term I don't want to move to far away as I hate to see old people driving who shouldn't.

[elizabethr]

really bothered about this at the moment - just wondered if anybody had any similar experience or comforting words

[carlmcmullen]

Hi Elizabeth,

Can you give an idea of how much debt you have at the meoment, and how much you feel you can make to your IVA payment ?

Carl

[elizabethr]

going to sit down on on Monday afternoon (can't do before) and do an income and expenditure form in preparation for sorting things out. Been off work for some time - back in Monday just for the morning and need to get onto the HR site for salary calculator - as i mentioned in previous blog I may have to drop some hours on medical grounds so going to recalculate - this is why I haven't taken steps about IVA yet coz need to look at the salary calculator to be able to see what my income would be. I also need to get exact amounts from credit cards but here's a first guess.

debts about 40K
may have about 250 to 300 a month disposable income but need to work it out properly

[Soulgrowth]

Hi elizabethr ... just wanted to say good luck ... it's such a worry isn't it but you WILL find a solution ... have faith [:)]

Debbie