Releasing equity

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juliehh73

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Post by juliehh73 » Thu Apr 04, 2019 6:01 pm
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I am half way through my IVA, but struggling to get by. I have however got equity in my house. Is it possible to release some of the equity while still in an IVA with a view to pay off the remainder of the IVA in one lump sum. If so, would this be equal to the remaining payments left or would I have to pay the amount of whole debt (my equity would not cover that however)
Many thanks
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Foggy

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Post by Foggy » Thu Apr 04, 2019 6:17 pm
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You will have to release equity, in any event, towards the end of your IVA anyway, so it could be ticky. However I know that Select do a product ( or at least used to) specifically for this sort of thing, so it might be worth having a word with Shaun Vickery.

His details can be found here: memberlist.php?mode=viewprofile&u=22837
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Shaun Vickery

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Post by Shaun Vickery » Fri Apr 05, 2019 7:44 am
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Hi Julie. Yes, it's possible, depending on your own circumstances. You wouldn't necessarily need to repay the full debt as long as the offer is sufficient to tempt your creditors into accepting it. The remaining contributions plus an additional amount for the equity release clause is generally a good starting point. It's something we are regularly involved in and it's always worth checking your options to see whether it's beneficial in your situation.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/
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Lisa Thomas

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Post by Lisa Thomas » Fri Apr 05, 2019 8:49 am
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You could put forward a full and final modification to vary the IVA based on IF accepted you will release equity to the value of the remaining contributions and assets let in the IVA (including a years extension for the equity clause).

Whether or not you will be able to release the equity is another matter - speak to Shaun.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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