Hi
I am only nearly 12 months into my iva. I have a mortgage. I know I have equity. Would I be able to release equity from my house to pay off iva now? I know my credit will be bad for 6 years because of the iva but I dont really care about that. I would just love to get this iva paid off and move on with my life and start a fresh.
Would i even be able to remortgage while I'm on an iva? My credit score is bad now. It's going to be still bad in 4 years time when I will be told by iva people to try and remortgage. So I'm thinking, why dont I just try now to release equity and pay off and end iva early. I hope this makes sense.
Thank you in advance
Hi, I'm afraid you won't be able to release equity as your mortgage company will very likely refuse due to your credit. If you could find someone to help with a full and final offer you could finish early.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Looking at this from a creditors point of view ---- you have 48 payments of, say, £150 .... so they will get £7200 from you -- THEN they will get either 12 extra months or a chunk of equity.
If you could release that equity now --- very unlikely --- they would be missing the £7200. Not really a sweet deal for them !
After 30 months in the arrangement you might be able to organise an early release loan from the likes of Sprout to get out about halfway through.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
