I have reached the last 6 months of my IVA, owning my own home I have been asked by independent mortgage valuers that I can raise £6000 in equity to pay my IVA. Would I be able to pay this with money borrowed by my family members without getting a re-morgage or loan! Thank you.
Hi, yes you could offer 3rd party funds. Otherwise, if unable to release the equity by re-mortgage ( as is usually the case these days) and your arrangement does not mention secured loans then a 12 month extension can be applied -- all depends upon the terms in your own IVA paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Make sure your IVA company are calculating your equity correctly based on your paperwork. Some are working equity out based on 100% of valuation less outstanding mortgage as opposed to 85% of valuation less mortgage. This happened to me until I queried it
Third party funds are usually acceptable but I agree that you sjhould double check the equity calculation as some firms seem to interpret it in different ways.
