I have completed 5 years of my IVA with creditfix and was passed onto a company called Just Lending to look into equity release, however I was advised that re-mortgaging was not an option and was offered a second charge mortgage (Secured Loan). I am not keen on taking up the offer as it is over 3 years and will just extends my debt further. Do I have to take up this offer bearing in mind that my contract mentions options of a third party sum or 12 additional IVA contributions.
Occassionally an IP will consider secured lending as a third party sum -- however, as a rule they don't. Newer IVAs, in some cases, do have the secured lending route specifically allowed for ( post 2014). Secured lending is not the remortgage referred to in your proposal -- they are different animals and you cannot be forced down the secured route. CF are generally ( or at least have been up to now) content to go with the 12 month extension if that is your preference.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
