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Posted: Sat Feb 24, 2007 2:14 pm
by tracey.m
We currently have debt totalling approx £110K over about 10 creditors. Our house is worth £340K and our mortgage/secured loans total £258K. Although there is still £82K equity, we are unable to get another secured loan to enable us to pay monies towards our outstanding bills. You mention that if there is equity in your property, you may be asked to release this. How is this possible?
Posted: Sat Feb 24, 2007 6:38 pm
by kezza
Hi Tracey,
You haven't said, are you applying for an IVA? If so equity is usually released in year 4 (I think) this is done by remortgaging then. Also is the £110 unsecured?
Posted: Sat Feb 24, 2007 8:19 pm
by MelanieGiles
Tracey
Why don't you think about effecting a re-mortgage over your property and offering the proceeds to creditors via a full and final IVA. This should make a very good offer and avoid the need for five years payments before being required to remortgage.
Seek advice from a specialist mortgage broker with experience of dealing in the adverse credit market.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk