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Question re IVA Protocol 2014
Presently in the last year of IVA and about £800 behind on payments but IVA are fine and just paying an extra £60 a month to clear.
However when it come s to the equity release I have read in the IVA Protocol 2014
“The incremental cost of the remortgage, including cost of any new repayment vehicle, will not exceed 50% of the monthly contribution at the review dateâ€
Should I try to get my payments up to date before equity release date?
Thanks
Mark
You are not affected by the 2014 protocol unless you have signed any variation signing up to it.
That said the cap the new protocol refers to is the same as in earlier protocols. The current arrears should have no bearing on equity release, which will proceed, according to the terms of your own proposal, in any event.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
