It is not 50% of your mortgage.
Its up to 50% of your current iva payment. So if iva is £250 a month, the loan/mortgage cannot be more than £125. You will no longer be paying the iva so this would in theory release £125 a month as surplus money (the difference between loan repayment and iva payment).
We were very surprised by the figures we have been given and how our company has gone about this for us. Just waiting to hear if accepted.
Go through a reputable company to establish what you can release. Weve had to do a realistic I&E and have house valued. Theyve then looked at what we can afford and what banks would lend usgiven rubbish credit rating, but within the 50% clause.
Hope that makes sense and helps.
Who is onlineUsers browsing this forum: No registered users and 22 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, IVA.com Group Limited will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location