Releasing equity to clear IVA?

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russell469

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Post by russell469 » Thu Jun 10, 2021 12:57 pm
Hi , I started an iva 6 months ago now , original debt was 54k I'm currently paying £180 towards the iva its for 5 years plus the extra 1 year clause so total I'd be paying back would be £12,960 , there is some equity in the house I own , so my question is this if I can release enough equity for the above sume can I make an offer to end my iva early with me been so early into my iva ?

Thanks.

Foggy

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Post by Foggy » Thu Jun 10, 2021 1:08 pm
You can do early exit loans to end an IVA using equity release, but some creditors will not accept them. You will need to work with your IP regarding the amounts and arrangements as the property is subject to the IVA anyway.

There is a company called Sprout Loans who do these regularly and, so, know how it works. There are also a couple of whole of market mortgage brokers who are forum members: Ryan and Shaun. Their details can be gleaned from their profile pages here:

Ryan: memberlist.php?mode=viewprofile&u=18488

Shaun: memberlist.php?mode=viewprofile&u=22837

I know that Shaun has assisted with early exit loans and assume that Ryan might do these as well.
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
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