What happens if there is little or now equity ?

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marie.b

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Post by marie.b » Tue Aug 26, 2008 5:02 pm
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Hello ,im moving into my 3rd year of my IVA and all has been well ,however i am aware that in the 4th Year a Equity release could be asked for .The problem now is that in my street the house prices are going really low again .I dont think i will have very much equity to give if any at all .What happens then???
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Viki.W

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Post by Viki.W » Tue Aug 26, 2008 5:38 pm
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Hey Marie, welcome to the forum. I think lots of people are in the same situation. If you have little or no equity then it may be that your creditors would want an extra years payments. The best person to speak to would be your IP who can advise you of this. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Tue Aug 26, 2008 10:17 pm
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You would be best advised to discuss this at the time with your own IP who has detailed knowledge of your case. But the bottom line is if there is no equity in the property then there will be nothing to hand over.
Regards, Melanie Giles, Insolvency Practitioner
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