We own 56% of our property, the rest is an equity loan. How will the IVA equity release work ?

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Bethany.21

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Post by Bethany.21 » Tue Jul 12, 2016 3:45 pm
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We are in our last year of iva.
So going through the equity release.
We own 56% of our property the other % is an equity loan.
How will the equity release work.
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kallis3

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Post by kallis3 » Tue Jul 12, 2016 3:51 pm
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Hi and welcome,

I've no idea how it works with shared ownership so hopefully one of the experts will be along with some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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http://kallis3.blogs.iva.co.uk
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size5

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Post by size5 » Tue Jul 12, 2016 4:24 pm
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IVA's in these circumstances now are, I believe, generally being drafted without an equity release clause at all, but at 6 years instead of 5.

You will, 99.9% certain, not be able to release any equity, and so therefore will probably have to do an extra 12 months payments in lieu of equity.

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Shining

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Post by Shining » Tue Jul 12, 2016 10:25 pm
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Hi and welcome, I'm not sure either, it may as Size 5 suggests to pay an extra year.

Lisa our forum expert who is an IP may be able to add to this? Hang in there for a reply and do pop back to us to view any.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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