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Posted: Mon Aug 18, 2008 2:50 pm
by rcf
what amount of equity would crditors request you to release?
Posted: Mon Aug 18, 2008 5:27 pm
by Viki.W
Hey rfc, welcome to the forum. It is different for everyone. If you want to post a few details about your situation then we can help further. X
Posted: Tue Aug 19, 2008 2:30 pm
by Julie
Just bumping this one back up - the amount of equity will depend if there is any when the valuation is done in the 4th year. Then its only the share of the person in the IVA that can be released...I think.[:I]
Posted: Tue Aug 19, 2008 2:36 pm
by MelanieGiles
In an IVA it is usual to be required to have your property revalued during the final year and then raising a new mortgage based upon 85% of the value of the property. If the amount then available, after taking account of your existing mortgage is more than £5,000 this sum would need to be paid into the IVA?
Are you considering an IVA at the moment?
Posted: Tue Aug 19, 2008 2:47 pm
by Julie
Melanie - sorry the original question wasn't mine, I'm jumping on the bandwagon. In my case its Alun who's in the IVA, so if there is any equity in our house would it only be his share that would go into the IVA?
Posted: Tue Aug 19, 2008 5:38 pm
by MelanieGiles
Hi Julie - do you have this particular modification? If so, then yes it is only your hubby's share which is taken into account.