equity release

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tristan

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Post by tristan » Tue Mar 25, 2008 12:24 pm
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hi at the moment ive got about £40,000 equity in my house my iva repaymenys are £663 per month when it comes to the 4th yr clause is it true that the increase in mortgage repaymenys cant be more than 50% of my iva payment so the most my mortgage can go up by is £331.50 is this right thanks tristan ps my iva started 0ct 06
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sblack

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Post by sblack » Tue Mar 25, 2008 12:36 pm
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Hi,
I am no expert but as far as I am aware yes you are correct. The extra mortgage payment is taken off your remaining IVA payments if the 40k does not settle your IVA in full.
I am sure an expert will be along shortly to give you a definate answer.
Last edited by sblack on Tue Mar 25, 2008 12:37 pm, edited 1 time in total.
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Adam Davies

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Post by Adam Davies » Tue Mar 25, 2008 8:27 pm
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Hi
This only relates to IVAs taken out after 1st Feb this year,under the new protocol
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Tue Mar 25, 2008 8:44 pm
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You will need to carefully check the wording and terms and conditions of your own IVA, and also confirm this with your IP to be sure.
Regards, Melanie Giles, Insolvency Practitioner
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