I am in the process of completing my IVA with Freeman Jones (previously Harrington Brooks) and have received an email requesting a mortgage statement with regards to equity release etc..
My initial debt was 10k and so far I've paid back short of 11k then I need to take off fees. Is it really necessary for me to attempt to release the money ( if any) just for the sake of a smallish debt?
I thought the whole idea of an IVA was to write off so much of my debt??
Thanks in advance ☺
The idea of an IVA is to pay back as much as you can reasonably afford, not to write off as much as you can. And, yes, they will have to go through the equity release exercise as that is in the agreement. The IVA will continue until its scheduled end point or, earlier, if you hit full original debt plus fees and possible statutory interest.
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