Early equity release

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Jane6268
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by Jane6268 » Wed Sep 05, 2018 5:35 pm
I have to release equity at month 30 and carry on with the IVA until the end. If I can pay the money at month 30 will there be a second equity release requirement in or about month 54? Any help appreciated thanks Jane
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Foggy
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by Foggy » Wed Sep 05, 2018 5:53 pm
Might I ask why you have to release equity at month 30 ? What happens if you are unable to ? Have they simply (for some reason) moved the equity release exercise forward. If your proposal doesn't mention the exercise being repeated it should not be.
Jane6268
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by Jane6268 » Wed Sep 05, 2018 6:52 pm
Foggy wrote:
Might I ask why you have to release equity at month 30 ? What happens if you are unable to ? Have they simply (for some reason) moved the equity release exercise forward. If your proposal doesn't mention the exercise being repeated it should not be.

The original proposal said mo th 54 but HMRC modified thus to month 30 - if it isn’t paid then I will be breached and made bankrupt. If I can somehow find the money I am worried that as I haven’t dipped into the equity they will decide they want it at the end. Thanks Jane
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Foggy
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by Foggy » Wed Sep 05, 2018 7:14 pm
If the month 54 was amended to month 30 (rather than month 30 being added in as a seperate exercise, then I would say they can only have one bite of the cherry. This is a wholly unreasonable clause, as getting a remortgage in the middle of the term will probably prove nigh on impossible (and HMRC will know this). I gather though that HMRC has the voting clout to get it through.
Jane6268
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by Jane6268 » Wed Sep 05, 2018 7:23 pm
Foggy wrote:
If the month 54 was amended to month 30 (rather than month 30 being added in as a seperate exercise, then I would say they can only have one bite of the cherry. This is a wholly unreasonable clause, as getting a remortgage in the middle of the term will probably prove nigh on impossible (and HMRC will know this). I gather though that HMRC has the voting clout to get it through.


Thank you
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Foggy
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by Foggy » Wed Sep 05, 2018 7:34 pm
Just a thought, come the time. Select Finance does (or did) early release loans (secured I believe) where they raised finance to pay off the 12 month extension, plus the outstanding term of an IVA. It might be worth having an informal chat with them to see if they can assist -- or at least give you options.

Have a chat with Shaun --- his details are in his profile: memberlist.php?mode=viewprofile&u=22837
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