August 2010(this year) sees the end of out third year in the IVA. My understanding is that the property valuation for equity release in year four can happen straight away (so possibly September for us)
Similar properties to ours are selling for £185,000 (which is what we paid for it 3 years ago) Our annual mortgage statement came through today, and we would need to find £175,000 to settle up ( so we have £10,000 equity)
Our IVA has a sixth year provisionally written in, in case we cannot raise sufficient equity through remortgaging in Year 4 (which seems highly unlikely)
Will we still need to get two written valuations?
Or do we continue to pay for a sixth year automatically?
I think this is something you need to check with your IP. How much are you supposed to release via a remortgage?
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
If you contact your IP they will confirm exactly what you need to do and at what time - althought this should be clearly explained within your IVA proposal and Chairman's Report.
