Mortgage statement request

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rebecca840
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by rebecca840 » Tue Jan 15, 2019 6:32 am
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 ☺
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Foggy
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by Foggy » Tue Jan 15, 2019 7:47 am
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.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 15, 2019 9:19 am
When did your IVA start and how many years was it supposed to last?
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