Hello
I'm entering the 4th year of my IVA and I have an equity release clause in the 4th year from 2 properties I jointly own. I would like to know what will happen if a remortgage is not possible due to negative equity or say bad credit history obviously for myself due to IVA and my partner if she is not in employment?
Regards
Hi! Usually there is a variation meeting to allow you to continue for an additional 12 months' payments in lieu of equity. Very occasionally it's 24 months. x
Agreed with BOL - Also it may be worthwhile digging out your IVA proposals - it should tell you what to expect in there - and if in doubt query it with your IP
Hi mohib - good avice from above - it should have been explained to you when you entered your IVA but I know 4 years is a long time ago! There will either be a clause in your proposal to state an extension if equity can't be released or if not you may not have to have an extension - if you can't understand how its worded call your IP - they should be able to clear it up for you in one call.
Let us know what the outcome is for you as IVAs can vary.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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