Do I have to sell my house

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john701
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by john701 » Tue Aug 07, 2018 10:08 am
At the end of an IVA, or so we thought, currently paid the full 5 year term and got a letter saying no further action required.
Now they are saying we have to have house valued and any spare equity they have claim to. Only one year left on mortgage so a far bit.
Do I have to sell the house? Or do I have to take more debt on ? Which would be ironic as IVA supposed to help clear debt
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kallis3
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by kallis3 » Tue Aug 07, 2018 11:22 am
No you don't have to sell it. Get it valued - you don't have to take a secured loan if you don't want to and you should just continue on for a further 12 month in lieu of that equity.
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Foggy
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by Foggy » Tue Aug 07, 2018 11:28 am
Read the equity release clause in your proposal --- it states what you have to do and what you do not have to do, as well as imposing limitations as to the amount and term of any remortgage.
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Lisa Thomas
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by Lisa Thomas » Tue Aug 07, 2018 12:27 pm
Answers explained in my short video here:

https://youtu.be/PHfc85n39U4
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