Equity Release

[debbiw]

Can anyone advise me please, I am waiting for my creditors meeting, and I know there will be a £7k equity release in year 4. My husband (who has no debt) hates the idea of me having to do this. Therefore is in year 4, can i not leave the equity release, and give them £7k, that my mum says she will give me, or will this not be allowed.
Please help

[MelanieGiles]

Hi there

There will be no problem in your Mum giving you the money, but don't forget that this sum may increase in the event that your property value does. If you are relying upon Mum to do the funding, make sure that she is aware that a higher figure may eventually need to be raised.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[debbiw]

Hi Melanie
So what you are saying is that providing i have the money, equal to the equity release. I can just hand this over to them, without having to touch my house
please confirm

[MelanieGiles]

Yes - that is about the height of it, but you will need to get a property valuation carried out and produce a current mortgage redemption statement to the Supervisor so the equity sum can be calculated.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[debbiw]

Thanks Melanie. Thats Brill. My husband will be thrilled.