my iva last payment is march 2010,i then have to release equity this amount is £23000.
i have just been offered a remorgage of £128000 but my current morgage is £70000 and my second charge is £52000 so how can i release equiety?
this figure was given to me when my iva first started house prices have fell since then cant get my head around this.
kind regards denis
If you cannot raise any more than £6k before costs that is all creditors can expect. However, it may be cheaper to have your IVA extended by 12 months if the new payments are entirely at adverse rates. You could then switch the lot back down the high when your IVA is over as your credit file should have cleared by this time.
Ring your IP for some advice but commit to nothing that leaves you massively worse off.
You've always got us on the forum who do try and help but for absolute clarification of you would need to go direct to your IP.
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