I am the final year of an IVA and recently been made redundant. I am having difficulty taking out a loan secured on my house, which i have been advised to do by IVA manager.
I am in the final year of my IVA. I have been asked by my IP to release equity from my property, but having difficulty in getting equity/remortgage as Ihave recently been made redundant.
You will probably not be able to release any equity from your property as you are still in your IVA. Your credit rating will still be shot. Your arrangement will probably need to carry on for another 12 months in lieu of this or as your circumstances have changed your IP could possibly put forward a full & final.
David.66 wrote:
I am in the final year of my IVA. I have been asked by my IP to release equity from my property, but having difficulty in getting equity/remortgage as I have recently been made redundant.
Ah, well that is completely different.
It is probably part of your IVA. You need to read your proposal thoroughly to see what you can do in lieu of being able to release any equity. You may be required to make an additional 12 payments.
BTW it is not only because you have recently been made redundant that you are having problems with equity release. Your credit rating will be shot.
Did you get a redundancy package? You may be able to offer a full and final payment.
Sorry Briggadeen, I just skimmed your post (I could have saved me some time there) [:)]
Last edited by Imhotep on Thu Nov 25, 2010 9:05 pm, edited 1 time in total.
Also, if I may add something. If you've been paying in for 4 years and can't remortgage but have been made redundant, even if you have no redundancy package you may be able to offer full and final settlement by way of funds already paid into the Arrangement. Creditors seem a lot more understanding these days and many people find themselves in a position where they no longer have a disposable income. I'd have a chat with your IP if I were you. Who is Supervising your IVA?
