Equity to pay off my IVA

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ST1973

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Post by ST1973 » Tue Apr 14, 2020 6:43 pm
Hi all,

I have 6 months left to pay off my IVA and have a joint mortgage with my wife (the IVA is mine only). We definitely have equity in our home that would cover the IVA balance and leave us clear however, I am reading that only my half would be considered? If true, are there any processes in place to allow her to release part of her equity to make the sum total required?

Thanks

S

Foggy

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Post by Foggy » Tue Apr 14, 2020 6:52 pm
This 6 months -- does that include the extension for equity release ? If not, you will have to release equity anyway, or extend for 12 months if this is not possible. Additionally, 6 months would not give you time to make such an offer worthwhile, as it would take up to three months to get it accepted.
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

ST1973

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Joined: Tue Apr 14, 2020 6:38 pm

Post by ST1973 » Tue Apr 14, 2020 6:54 pm
I'm not sure. I'll check.

If I had to release equity, would it be possible to have my partner's equity considered if say, she signed something to that effect?

Foggy

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Post by Foggy » Tue Apr 14, 2020 7:16 pm
If you have to release equity you will only need to release part of your share and the IVA will finish anyway.
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
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