How much equity will I be expected to release

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david275
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by david275 » Tue Jun 05, 2018 2:40 pm
Hi im in an iva with a well known company i made my final payment but now goin through the process of sorting out equity to pay off remaining balance ive also just found out my remaing balance is £12000 and my creditors recieve 66p to the pound will i be expected to release £12000 or will it be less
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Shaun Vickery
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by Shaun Vickery » Tue Jun 05, 2018 3:00 pm
It will depend on many other factors but there are some fairly strict rules to protect you. Firstly it will depend on the amount of equity in your property (maximum borrowing up to 85% of the value) but also any new mortgage will have to be affordable and the increase in payments no more than 50% of your IVA contribution.
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Lisa Thomas
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by Lisa Thomas » Tue Jun 05, 2018 3:49 pm
How much equity do you have? Standard terms state if less than £5k then the clause won't kick in...
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