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wayne608 Posts: 2
Joined: Fri Jun 15, 2018 4:54 pm
My iva company passed my detail to another so look into equity release. For the sake of getting my creditors about £6000.they want me to remortgage which will put another 8 years on to my term.is this worth it?
Foggy Posts: 28353
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
First --- is this a remortgage or a secured loan ? What does your equity release clause say? If it says "remortgage or extend" they cannot force a secured loan on you.
The repay,ment for this loan / remortgage cannot be more than 50% of your IVA payment. There are other limitations too.
Read your equity release clause wording to make sure they are sticking to the agreed terms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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