I currently have an IVA which is due to complete in Dec 2015. I took out my IVA as i was left with considerable debts when my husband and i separated. i couldnt see any way out and didnt think about what would happen to my property 5 year down the line. i am now considering making a F & F offer and i am worried about the equity in my property. basically i have had my house valued at £185,000. my current mortgage is £153000. can anyone tell me how much i will have to pay back to my creditors (if anything). i am praying that i will complete the IVA without having to pay anything and they will accept my F & F offer and i can move on with my life. I am so worried about this i am feeling ill and i never thought i would be here in this position when i took out the IVA> i know i sound stupid but i was desparate. thank you...!!!!
Hi. Much will depend upon your own equity release clauses, as they do vary. But, generally, at the moment you will be unable to release equity by remortgage, so will probably have the IVA extended by 12 months. So, any F&F offer would have to be based upon 24 months payments (including the 12 month extension).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thank you for your quick reply. I pay £300 per month and have approx £4000 left to pay. how much do you think i should offer as my F & f payment if i have to pay for an extended year....?
I would say £7000 - ish. But, as I say, it all depends upon your own equity release provisions - they might prefer to wait to see if they will get more.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
And remember your credit file will still be blemished until end of the 6th year from the start of the IVA.
You are close to the 85% LTV so if you get as far as submitting the valuations to the I.P then make sure they are based on forced to sale or 3 month sale basis as that is generally 10-15 % less than market value .
thank you foggy.... i think my offer may have to wait a few month if thats the case but i get the jist and it has lifted a huge weight off my shoulders [:)]
Shaun Vickery, who posts here, has access to a product suitable for F&F combined with equity release. It might be worth having a word with him, just to get all the figures.
I am, to be honest, wary of secured loans to release equity, but, for some, the figures do stack up.
His details can be found by clicking on the "Ask a Question" link (top left) and scrolling down to experts details section.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
