My IVA provider have appointed a company to release equity from my property

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michael542
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by michael542 » Thu Jan 18, 2018 7:45 pm
My IVA provider has sent me a letter stating that they have appointed a company to work with me to release equity from my property. I am worried that the type of lenders this will put me in touch with will charge very high rates of interest. Can they do this? I believed that at this point in my IVA I could approach my current mortgage provider or a company of my choosing to try and remortgage rather tha being forced down a particular route.
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Foggy
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by Foggy » Thu Jan 18, 2018 8:29 pm
Yes,they can do this, but they cannot force you to take an offer with that company ( if one is forthcoming). The chances are that the firm will find a secured loan as remortgages are still few and very far between. If your IVA is on R3 or pre- 2014 Protocol conditions then the alternatives are a remortgage or 12 month extension ... a secured loan is not the same thing as a remortgage and cannot be forced on you.

If they offer the secured loan option, they will have, by default, ruled out remortgaging and so will have saved you the hassle of getting your own rejections.
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