Hi there -We are new to the site and have a couple of questions.Our (joint) IVA began in Jan '06 and is to run for 6 years.Firstly is "asset realisation" when the equity is taken out of your property?Is this usually by the end of the fourth year?We have moved since entering into our IVA ,have a smaller mortgage and due to the drop in the housing market ,fall currently way short in terms of available equity.(in the agreement they wanted approximatley 28K out of the house)My main question is if you do have to remortage how do they expect you to pay the increase in mortgage payments when your monthly IVA payment remains the same ?If they do take it out at the end of year 4 this would mean that we would really struggle to meet all our payments.We would really appreciate any help in this matter.Many thanks in advance.
The timing of any equity release, will be dictated by the terms of your specific proposal, and this ought to have been discussed with you in great detail by the IP acting for you at the time the proposals were presented to creditors.
They obviously didn't have the restriction on it either Melanie.
It should tell you on your proposal, but with ours, we must try to remortgage but the payments cannot be more than 50% of our IVA payments. Ours will continue for a further 12 months if that is the case. Don't know what would happen to yours as it is already running for 6 years.
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
