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?
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