House equity to settle an IVA?

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efim

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Joined: Fri May 21, 2021 11:20 am

Post by efim » Fri May 21, 2021 11:20 am
Hello, I am in an IVA for 16 months and I'm looking to settle it early. The reason is that I'm moving from UK for a year. Is any chance to use the house equity to pay for it?
Thank you!
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Foggy

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Post by Foggy » Fri May 21, 2021 11:56 am
If you sell the house the equity will be due to the IVA anyway. You could offer to sell for the purposes of ending the IVA early --- basically saying " I will sell the house in order to be able to give you £xxx, as a full and final offer to close the IVA early. If the offer is rejected I will not sell".

Alternatively, and probably better, speak to either Ryan or Shaun, who are both whole of market brokers. I know that Shaun has access to products allowing equity to be used for an early exit, and I imagine Ryan might do as well.

Their contact details can be gleaned from their profile pages here:

Shaun : memberlist.php?mode=viewprofile&u=22837
Ryan: memberlist.php?mode=viewprofile&u=18488
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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