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Posted: Thu Jun 30, 2016 4:32 am
by mikecorgi
I have received a letter from Grant Thornton asking me to provide proposals how I make the sum of 90k estimated equity available to voluntary arrangement
I don't know how to respond
Posted: Thu Jun 30, 2016 8:12 am
by kallis3
They are talking about equity release which you won't be able to do as remortgages are not available now.
Have you had a proper valuation done? If so then get it in writing and also get two rejections on the remortgage side (one from your current lender and one from another lender) and submit them to GT.
Posted: Thu Jun 30, 2016 8:13 am
by Foggy
You have to demonstrate that you have complied with the terms in your arrangement -- usually attempt to remortgage, which fails ( they will want to see evidence) then propose to extend the IVA by 12 months as per the agreed terms.
Posted: Thu Jun 30, 2016 10:29 am
by Lisa Thomas
Give them what they require to prove the remortgage is not possible and confirm you don't have a third party able/willing to offer a lump sum equal to the remaining payments.
The 12 month extension will then kick in.