worried about the equity we have in the house

[prettypc]

we are ion the process of an iva, just worried about after the 5 years. the equity we have in the house is 20 thosand. would we have to remorgage and giv them it all ??

[Adam Davies]

Hi
It is likely that part of your IVA provision will be to remortgage in the fourth year of your IVA and raise a lump sum.This can be typically be 85 percent of your equity.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Yes - this is getting even more "likely" following the BBA/DTI working party groups who met in London last week. Expect these clauses to become normal IVA practice over future months.

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

[iva_squirrel]

Hello,

Under bankruptcy, if you own your house, your interest (ownership) will be passed to the Official Receiver or Trustee. However under an IVA you will not loose your home.

Creditors would expect a proportion of any equity to be realised and paid into the IVA at the end, for the benefit of the creditors.
Typically this would be up to 75% of your share of the equity.

Kind regards,

Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[finebridge]

Hi prettypc,

As the other experts have stated, it is the norm to pay at least 75% of your share of equity into an IVA in the fourth year, although some creditors are asking for 100%, so please bear this in mind.

Kind Regards

Nicola



Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk