New questions about Equity release.

[Gopal]

New questions about Equity release I had letter from Payplan last week saying that we need to have look for my property to release Equity so they ask me to revalue my house from State agents and Redemption statement from my mortgage provider . But my house I li value is £130000 and £44000 left on mortgage and this joint property with my wife name and my IVA total £34000 but I have paid so far with PPI £25000 to my IVA but my question is could anyone give me advice what is happen next? Thank you Gopalo

[relieved33]

You will only ever have to pay your total debt plus fees and possibly statutory interest. As it's highly unlikely thst you're able to remortgage, you may need to extend for a year.

[Lisa Thomas]

Yes you will almost definitely have to extend your IVA for 12 months in lieu of being able to inject the equity into the IVA.

This means you get to keep your home.

[Gopal]

thank you

[kallis3]

And once the 12 months extension is up then that is it.

[Gopal]

Hello could anyone give me the advice about Equity in property payplan ask me to re-mortgage for 34000 thousand pound but i went to High Street Bank and told then i want r-mortgage and i in IVA they told me we not going to try because the IVA and my current mortgage provider do not do any type of new mortgage .can anyone give me some advice please ? Gopal

[kallis3]

You will not be able to remortgage at all - what you need is to get a couple of rejection letters from your current lender and possibly another one from another lender and forward them to Paylan - your IVA will then continue for another year.

[Lisa Thomas]

You just need to give your IP the evidence they require to show you are unable to remortgage so that the 12 month extension will apply instead.