steve716 wrote:hi, we are currently in our 3rd year of an IVA, my wifes father has become unwell and we have offered for him to move in with us, he will sell his home and want to build an extension / granny annexe to our home, how will this affect our equity from the property when we are near the end of the iva?
It will increase the value of your home and therefore your equity --- if you are able to release equity come the time the sum will be higher (or on a secured loan, if your IVA requires this). If you are granted a 12 month extension in lieu (usual in cases where remortgaging is impossible) it will make no difference. Would it be possible for him to offer a small lump sum from the sale proceeds to do a Full and Final on the IVA, getting it out of the way --- you could then repay him with what used to be your IVA payment.
Who is onlineUsers browsing this forum: Beaubeau and 12 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, Vincent Bond and Co Ltd 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