equity release

[jue]

if my iva is sucessful i will be doing a equity release of 8.5k in year 4.my question is,is that my partner as said he might be able to pay this when the time comes.would this be acceptable or would i have to re mortgage?

[MelanieGiles]

Hi jue

Yes this will be perfectly acceptable, as it does not really matter where the money comes from. Your partner may wish to take a charge over your property as security for his lending, but this will really be up to the two of you to decide.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good morning Jue,

If you are in an IVA, you can ask your creditors to let you pay a lump sum which is less than the full amount of your debt. This is called a Full and Final Settlement. In return for this payment your creditors agree to write off the rest of what you owe.

As a rule, people are in a position to make such an offer because they’ve come in to some money or have some savings they can use. Alternatively, a friend or relative may be able to provide the sum required.


Kind regards,


Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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