Having paid for 5 years I'm now facing a breach because I won't agree to taking a secured loan.

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Michaeldr63

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Post by Michaeldr63 » Sat Feb 28, 2015 6:00 pm
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Having paid for 5 years I'm now facing a breach of my IVA because I won't agree to an equity release by taking a secured loan for a period of 15 years which would cost me a further £10,600 on top of the outstanding debt can some please help
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Foggy

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Post by Foggy » Sat Feb 28, 2015 6:56 pm
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What does your equity release clause say ?
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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stevie43

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Post by stevie43 » Sat Feb 28, 2015 7:09 pm
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Do you mind me asking which company you are with?
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thisusernameistaken

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Post by thisusernameistaken » Sun Mar 01, 2015 12:59 am
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I'll bet my IVA it's CF...
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luluj

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Post by luluj » Sun Mar 01, 2015 2:14 am
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I would advise you to ask this question ... how much does a 12 month extension equate too ? If you had an equity release clause and £10600 is what needs to be realised you would probably need to meet that sort of figure.
It is worth asking - they can only say no
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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thisusernameistaken

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Post by thisusernameistaken » Sun Mar 01, 2015 4:14 pm
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Check the IVA terms you signed - if it states that there are two options re. equity (remortgage or extend) then there is no way you could be in breach for not agreeing a secured loan imo.

A secured loan is NOT the same as a remortgage!
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