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Hi iam think of starting an iva, i have secured loans of £38,000 leaving me no equity in my house and unsecured debts of £17,000, the only think that i dont full understand is the remorgaging of my property when the iva finished, please help!

Hi k3esy and welcome to the forum

The provision for raising equity is usually effected during the final year of the IVA, at which point you are required to have your property revalued. Based upon this new valuation, you are then required to obtain a new mortgage based upon 85% loan to value, and use this money firstly to pay off your existing secured borrowings leaving a balance of money to introduce into the IVA.

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