Equity release in an IVA

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jules835
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by jules835 » Tue Sep 11, 2018 1:49 pm
Will we have to apply for equity from our house in the 5th yr of IVA?? surely our credit will be very poor so therefore remortgaging wouldn't be an option. We are £36,000 in debt and can't afford the weekly shop at the moment so we need help asap. Advice would be greatly appreciated. We both work full time.
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kallis3
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by kallis3 » Tue Sep 11, 2018 2:31 pm
You won't be able to remortgage but, depending on which company you go with you might be offered a secured loan or continue on for a further 12 months. I suggest you speak to a few companies - some of the smaller ones and take advice
from them and the forum is always here for support.
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Foggy
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by Foggy » Tue Sep 11, 2018 3:09 pm
Older IVA's and those firms still using the old versions require you to attempt to remortgage or extend by 12 months. New versions require remortgage attempt, a secured loan attempt or, failing those, the 12 months extension.

There was a time when remortgages were available, and, in some circumstances, are becoming so again. So, it could be, in 5 years time, we are looking at a totally different market.
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Lisa Thomas
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by Lisa Thomas » Wed Sep 12, 2018 8:21 am
Watch this then check your terms https://youtu.be/PHfc85n39U4
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