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Posted: Tue Nov 29, 2016 7:07 am
by Simon.25
im 3 months away from the end of my fifth year and have just been contacted by a company about equity release from my house . i have a secured loan and a mortgage on my property they both come to roughly what the property is worth. so how can i release money when i don't have it .
Posted: Tue Nov 29, 2016 7:29 am
by footiemad
It there's no equity you can't!! You have to go through the process of obtaining a valuation, redemption figures etc to confirm that there is none though. Usually, unless there is a modification to the contrary, your IVA should conclude after 60 months if there is no equity.
Posted: Tue Nov 29, 2016 8:04 am
by Foggy
As Footie says -- you have to jump through the hoops and prove equity falls below de minimis.
Posted: Tue Nov 29, 2016 9:27 am
by Michael Peoples
The IP has to do a review of the equity situation as part of the agreement. If there is no equity then the IVA will just close down.
Posted: Tue Nov 29, 2016 9:32 am
by Lisa Thomas
You will just need to show the IP there is no equity.