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Posted: Thu Dec 11, 2008 10:20 pm
by wridep2
If settlement is taken from your Home Equity at the end of 5 years. Is this in the form of a secured loan and if so isn't that dropping you straight in to debt again?
Many Thanks, Pat
Posted: Thu Dec 11, 2008 11:28 pm
by MelanieGiles
The usual form of raising the money is to extend your secured borrowings, but could also come from friends or family by way of a third party contribution.
If you do borrow by way of a further mortgage, you will be saddled with higher debt repayments but limited to no more than 50% of what you were paying into the IVA.