Do I have to sell my house

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john701

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Post 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

kallis3

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Post 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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Tue Aug 07, 2018 12:27 pm
Answers explained in my short video here:

https://youtu.be/PHfc85n39U4
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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