Hi, I am in my final year of IVA and been asked by Creditfix to cooperate with Select with regards to the equity release.
In turn received phone call from Select to convey of a meerting by phone.
In my contratc with it says if I am unable to obtain a remortgage my supervisor will have the discretion to onsider following alternatives:
1. A third party sum equivalent to 85% of my interest in the property.
2. 12 additional contributions aggregated sum paid to the supervisor being limited to 85% of my interest in the property.
I don't know if I have any alternatives, personnaly I am not interested in remorgage my property as I will be 66 years old this year and officially I want to retire latest by end of the year or early next year.
My current contributions are £366 a month currently.
Any suggestions or help (legal advise ) will be mostly appreciated.
A remortgage cannot usually go beyond the later of the current term or state retirement age, so I doubt this would have legs anyway, which will leave the extension. Select might find a suitable secured loan but, if you are on pre 2014 terms, you would not have to accept. Select get a good press and will be fair.
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
They are a good knowledgable and helpful team. They will discuss all that with you and if the figures, criteria etc dont work out then an alternative would be recommended such as the extended 12 months payments.