binhad wrote:A friend of mine has come to the end of his iva and has been asked to pay £6500 equity. What are the chances of an offer of £4500 being accepted? Is it worth the try?
A lot will depend upon the actual wording of his equity release clause as to what will happen. Has he been told they want £6500 or has he been asked to attempt to release this amount ? Are his terms "Remortgage or extend the term" or "Remortage, secured loan or extend the term" ? Does he agree that there is £6500 equity there anyway ?
Best scenario is possibly to be unable to remortgage and not be requird to get a secured loan ---- so get a 12 month extension. Assuming 12 payments are less that £4,500 ..... then he offers the 12 payments as a lump sum (from a third party).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk