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Hello

I have posted a few times here and been given some great advice about an equity release and this is what me and hubby hope to do. However reading other posts we are unsure we would be allowed to do this as we owe £100k and can release £42k but would we not be made to do an IVA for 5 years then remortgage in year 4 that way I guess they would get more money back but over a longer time? For equity release mortgage would go up £4-500 pm so around £1000pm or we could pay IVA £400pm (roughly)so do creditors prefer less money quicker or more money over longer? thanks.

Smile it makes people wonder what you have been up to!

If you have disposable income Kelly, your creditors may well want to see contributions plus and end of term equity release. If you are able to afford £400 per month towards a re-mortgage now, they would get a far better return. And creditors are now starting to realise this and are voting accordingly.

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

Thanks for the quick response as usual Melanie. This is what I thought and it may be better for me and my hubby too as we will not of had jobs for long a remortgage would be poss through Welshboy but not simple. I would also like to pay back as much as we can since we spent it and it would also be a good learning curve to budget! We have opened a new bank with natwest no credit cards or overdraft just normal solo card. Something to think about anyway thanks.

Smile it makes people wonder what you have been up to!

Kelly

It is really good to see you taking your time in making your decisions, as you realise that entering into an IVA is a very important step. Well done!

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