www.iva.co.uk

Hi

If after all my 60 iva payments I paid a total of £30,000 into the pot and the total I originaly owed to my creditors was £45,000.

When it comes to releasing equity on my property, would I have to pay more than £15000 left? as I presume a percentage of that £30,000 I paid would be IP Fees.

Thanks Guys

Hi and welcome.

You will never pay back more than 100p in the pound plus the fees. The amount of equity release should be governed by that. Have a chat to your IP about it nearer to the time.

Your remortgage will not cost you anymore than 50% of what your IVA repayments were. Given that you've paid £30k into the VA, I take it your monthly payments are £500. The remortgage will not cost you anymore than £250 each month. The amount you remortgage for will be goverened by the £250 monthly payment ...... depending on what is available to you by your mortgage provider that could be £5k or £10k or any other amount..... however you will not pay anymore than 100p/£

A remortgage cannot cost you anymore than 50% of your IVA payments.

You are unlikely to be able to remortgage at the moment anyway.

Your final figure will never be more than 100p PLUS fees.

I don't think that we can assume any of this to be frank. This really depends upon the terms of the original posters IVA, and care should be taken when giving advice on this forum, as we don't know the full facts behind their particular case.