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Posted: Tue Oct 30, 2007 8:32 am
by y.l
I am approaching my 3rd year of my IVA. My income will be reducing within the fourth year. I am able to continue payments, however I have an equity release clause. I have looked into this on the basis of the new total income i WOULD NOT BE ABLE TO REMOTGAGE MY LOAN TO VALUE DOES NOT WORK. WHAT HAPPENS REGARDING THIS CLAUSDE.
Posted: Tue Oct 30, 2007 8:34 am
by MelanieGiles
Hi yl and welcome to the forum
You will need to check the exact wording of your IVA proposal and Chairman's report to see what you are required to do. Generally, so long as you can demonstrate that you cannot re-mortgage, this is sufficient to ensure you are complying with your responsibilities, however it would be best to take advice on this point directly from your IP who has specialist knowledge of your case.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp