I would not be able to remortgage

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y.l

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Post by y.l » Tue Oct 30, 2007 8:32 am
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I am approaching my 3rd year of my IVA. My income will be reducing within the fourth year. I am able to continue payments, however I have an equity release clause. I have looked into this on the basis of the new total income i WOULD NOT BE ABLE TO REMOTGAGE MY LOAN TO VALUE DOES NOT WORK. WHAT HAPPENS REGARDING THIS CLAUSDE.
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MelanieGiles

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Post by MelanieGiles » Tue Oct 30, 2007 8:34 am
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Hi yl and welcome to the forum

You will need to check the exact wording of your IVA proposal and Chairman's report to see what you are required to do. Generally, so long as you can demonstrate that you cannot re-mortgage, this is sufficient to ensure you are complying with your responsibilities, however it would be best to take advice on this point directly from your IP who has specialist knowledge of your case.

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
Regards, Melanie Giles, Insolvency Practitioner
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