when you release equity from your home

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dld: Posts: 5; Joined: Mon Feb 05, 2007 10:00 pm; Location:

by dld » Tue Feb 06, 2007 7:37 pm

when you release equity from your home do you usally pay a settlement amount or will it be for the amount outstanding in full

123debtsolutions

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by 123debtsolutions » Tue Feb 06, 2007 7:50 pm

Hi This is upto the IP to make the necessary arrangements to suit your personal circumstances.
It is usually in the 4th year and if the mortgage fees were to be increased in the 5th year they will offset that against the contributions made.

Your advisors should discuss this in full before you have entered into an IVA.

My advice is seek professional guidance before entering into an IVA.

Good Luck

Lee

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Last edited by 123debtsolutions on Mon Apr 20, 2009 2:05 pm, edited 1 time in total.

Lee
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MelanieGiles Industry Expert

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by MelanieGiles » Tue Feb 06, 2007 9:42 pm

dld

Your question is a little confusing. Could you be more specific.

Are you already in an IVA, or is your query just a general one. If you are in an IVA, can you check out exactly what your proposal says about equity release, so that I can advise properly.

I'm not sure I understand the 123 post either Lee. Could you also explain to me what you are advising?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Regards, Melanie Giles, Insolvency Practitioner