year 4

[Zeb]

I am just entering year 4 of my IVA.
I have had my property valued by 2 local estate agents and the 2 could not be more different!! around a £30,000 difference.
I have contacted my bank and even taking the highest valuation which would give us £70,000 equity our bank state that they would not offer us a re-mortgage for equity release as it is only worth a fraction of this to them as bricks and mortar........... this is b4 we get to the credit check stage!!
What to do?
Was hoping to release enough to offer a full and final

[David Mond]

Cannot believe that 2 Agents in your area are poles apart on valuation!

Interesting point though - if there is such a high equity, creditors will not accept anything less than what you promised within the IVA originally.

See if Welshboy can help on this.

Otherwise continue with your monthly contribution and wait until month 54 and if not able to re-mortgage then - well another 12 months look a cheap option for you in the long run.

[MelanieGiles]

Yes - I suggest that you give Tony Parsons a ring - he posts as Welshboy and if he cannot get you a mortgage no one will be able to.

[David Mond]

Let us know Zeb how you get on please.

[Zeb]

Thanks will try to contact him
I appreciate your suuport