How much would they take out of the equity

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Jan.G

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Post by Jan.G » Tue Apr 29, 2008 8:48 pm
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How much would they take out of the equity in my house at the end of iva
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Adam Davies

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Post by Adam Davies » Tue Apr 29, 2008 8:54 pm
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Hi
You will have to remortgage to 85% ltv and pay the equity over to your creditors
For example your house is worth 200k,remortgage for 85%,170k,less your outstanding mortgage 130k would mean 40k payable into your IVA.If you were the only one in the IVA and the property jointly owned then you would only have to pay 50% of the equity,20k.
Finally the cost of the extra mortgage must be no more than 50% of you IVA payment
Hope this makes sense
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Tue Apr 29, 2008 9:45 pm
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Just to add to Andy's post that there is also a deminimis figure of £5,000, below which no monies have to be raised.
Regards, Melanie Giles, Insolvency Practitioner
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