Posted: Sun Jun 03, 2012 9:24 pm
While I was in the final year of my IVA I was unable to obtain equity release on my property. No lender was willing to offer me a remortgage, so I had to get 2 letters of rejection to satisfy my IVA arrangement.
I was expecting a 12 month extension to my IVA payments as a result but my IP 'miraculously'told me that there was no clause in my IVA legal documents that stated I should have to do a 12 month payment extension in the event of being unable to release equity in my property. So I was estopped from doing so.
When I went into IVA I had around £30k equity in my property, so the Creditors duly obliged my IVA as it looked quite a lucrative arrangement with a potential equity release of £25,500 on top of 60 months payment. Now I have completed my IVA and have my property intact,albeit with around £15,000 equity now.
I was expecting a 12 month extension to my IVA payments as a result but my IP 'miraculously'told me that there was no clause in my IVA legal documents that stated I should have to do a 12 month payment extension in the event of being unable to release equity in my property. So I was estopped from doing so.
When I went into IVA I had around £30k equity in my property, so the Creditors duly obliged my IVA as it looked quite a lucrative arrangement with a potential equity release of £25,500 on top of 60 months payment. Now I have completed my IVA and have my property intact,albeit with around £15,000 equity now.