Equity release

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SaxonOne
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by SaxonOne » Mon Sep 03, 2018 4:15 pm
Good afternoon,

I’m coming up to the end of my 5th year and we’ve just been declined the equity release, even though there is equity available. Our wording states ‘3rd Party payment will be required’ or 12 further payments. I’ve read a lot about secured loans but there is nothing mentioned on my paperwork.
Can you please confirm what the likely outcome would be?

Thanks
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kallis3
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by kallis3 » Mon Sep 03, 2018 4:46 pm
Personally, I would go for the extra 12 months.
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Foggy
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by Foggy » Mon Sep 03, 2018 4:47 pm
SaxonOne wrote:
Good afternoon,

I’m coming up to the end of my 5th year and we’ve just been declined the equity release, even though there is equity available. Our wording states ‘3rd Party payment will be required’ or 12 further payments. I’ve read a lot about secured loans but there is nothing mentioned on my paperwork.
Can you please confirm what the likely outcome would be?

Thanks


The most likely outcome will be the 12 month extension. Your IVA terms are pre-2014 so will not, assuming you have the usual clauses, force secured lending on you.
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Lisa Thomas
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by Lisa Thomas » Tue Sep 04, 2018 7:56 am
I suspect that you could opt for the secured loan but it will likely cost you more in the long run.

The 12 month extnsion is likely to apply (depending on the level of your equitable interest)
SaxonOne
Posts: 6
by SaxonOne » Tue Sep 04, 2018 11:50 am
kallis3 wrote:
Personally, I would go for the extra 12 months.


That is my intention, providing it’s the option. Thanks
SaxonOne
Posts: 6
by SaxonOne » Tue Sep 04, 2018 11:51 am
Foggy wrote:
SaxonOne wrote:
Good afternoon,

I’m coming up to the end of my 5th year and we’ve just been declined the equity release, even though there is equity available. Our wording states ‘3rd Party payment will be required’ or 12 further payments. I’ve read a lot about secured loans but there is nothing mentioned on my paperwork.
Can you please confirm what the likely outcome would be?

Thanks


The most likely outcome will be the 12 month extension. Your IVA terms are pre-2014 so will not, assuming you have the usual clauses, force secured lending on you.



Thanks Foggy, I’m hoping that is the case
SaxonOne
Posts: 6
by SaxonOne » Tue Sep 04, 2018 11:53 am
Lisa Thomas wrote:
I suspect that you could opt for the secured loan but it will likely cost you more in the long run.

The 12 month extnsion is likely to apply (depending on the level of your equitable interest)



Thanks Lisa, I believe there was only approx £8000 that could have been taken from Equity release. There is no wording in relation to secured loan, which I don’t want anyway.

Just waiting to hear back from the IP.
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