Equity Release in year 4/5

4 posts Page 1 of 1
Post Reply
 
 

animaleyes76

User avatar
Posts: 1207
Joined: Mon Apr 07, 2008 11:35 pm
Location: Czech Republic
Post by animaleyes76 » Tue May 13, 2008 4:16 pm
Quote
If you didn't have an equity release clause in your IVA, as you didn't have a house when you started the IVA, if you buy a house (IF you can get a mortgage.... some chance at the moment hey) would your creditors insist on a variation?

I know it's all hypothetical and there's no chance of me finding the necessary deposit at the moment but personally i'm hoping house prices crash as much as possible giving me every chance.. I earn enough but the IVA is obviously the problem.

Cheers
:o)
Top
 
 

Viki.W

User avatar
Posts: 5629
Joined: Fri Feb 15, 2008 7:34 pm
Location: United Kingdom
Post by Viki.W » Tue May 13, 2008 6:01 pm
Quote
I don't know how it works, just watching the news now, it really is all doom and gloom for home owners. I'm sure an expert will advise you. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue May 13, 2008 9:47 pm
Quote
That is very unlikely, but your IP will want to know where the money came from to fund the deposit on the property if you do go ahead and buy - and you will need the Supervisor's permission for this as a mortgage is a form of additional credit.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

animaleyes76

User avatar
Posts: 1207
Joined: Mon Apr 07, 2008 11:35 pm
Location: Czech Republic
Post by animaleyes76 » Tue May 13, 2008 10:01 pm
Quote
Thanks for this.

In all probability it would be the bank of dad lol.

:o)
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for may”