Hi
Im a little confused on what the Iva means when being a homeowner.
My home is worth £100,000 we owe £70,000. If we are excepted for a Iva we have been told it will be £100 a month for 6years plus they want 40% of any overtime at work.
After the 6 years then we would owe less on the morgage so does this mean that GT can tell us to remortgage for the equity?
Look forward to hear from you!
During the final year you will be required to attempt to remortgage, or,possibly, release equity by secured loan, depending upon your actual agreement.
If unable to release equity the most likely outcome will be an extension of the IVA for 12 months.
This should be explained by GT in detail and it is important that you understand the implications.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
