Do I have to take offer, my contract is for third party sum/additional 12 months

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by shirley758 » Sat Apr 15, 2017 6:53 am
I have completed 5 years of my IVA with creditfix and was passed onto a company called Just Lending to look into equity release, however I was advised that re-mortgaging was not an option and was offered a second charge mortgage (Secured Loan). I am not keen on taking up the offer as it is over 3 years and will just extends my debt further. Do I have to take up this offer bearing in mind that my contract mentions options of a third party sum or 12 additional IVA contributions.
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by Foggy » Sat Apr 15, 2017 8:33 am
Occassionally an IP will consider secured lending as a third party sum -- however, as a rule they don't. Newer IVAs, in some cases, do have the secured lending route specifically allowed for ( post 2014). Secured lending is not the remortgage referred to in your proposal -- they are different animals and you cannot be forced down the secured route. CF are generally ( or at least have been up to now) content to go with the 12 month extension if that is your preference.
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