www.iva.co.uk

Can you release equity in your house to pay off your IVA?

It can be done according to individual circumstances.

Shaun Vickery of Select Partnership arranges this sort of transaction on a regular basis and it might be worth having a word with him.

You can indeed. Shaun helped us out. Started the process Aug 13 (contacted Shaun about it) offer accepted Nov 13 - currently according to GT the CC is in the post! Happy days.

You can try - however the equity from the house is probably due into the IVA anyway so the chances of acceptance at variation are low.

Lou3, Shaun has had some success in arranging secured loans to introduce an element of equity, whilst ending the IVA early in cases where an extension would have been the result.

Of course this might change as mortgage products evolve again and remortgaging might become a possibility again.

We had the equity clause in our IVA it still was accepted... I say contact Shaun to see your own personal options. You've nothing to lose in doing do.

It is worth exploring this option with a broker but it may mean an additional secured loan resulting in monthly payments with iva remaining on your credit file for the full six years from start date.

The secured loan rarely remains more than a couple of years as Shaun and his team will try and remortgage you back to High Street lender as soon as possible. This can be as little as a year after completion.