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Magpie28
- Posts: 25
- Joined: Fri Dec 28, 2012 7:21 am
- Location: United Kingdom
Do DFD allow a seller of a property to release equity, a 15% allowance?
Thank you.
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kazzafunk
- Posts: 4749
- Joined: Sat Mar 19, 2011 6:47 pm
- Location: United Kingdom
Don't quite understand your question - can you expand please.
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Magpie28
- Posts: 25
- Joined: Fri Dec 28, 2012 7:21 am
- Location: United Kingdom
Sorry it does seem a little vague.
If I'm required to sell the property we live in to release equity, e.g. Mortgage £150,000 sell for £200,000 = £50,000 equity, would Debt Free Direct take 85% leaving us with £7,000 (15%) for solicitor's/estate agent fees.
Hope this is a little clearer now.
Thank you.
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UpToMyNeckInIt
- Posts: 607
- Joined: Fri Aug 03, 2012 3:25 pm
- Location: United Kingdom
So you are in an iva with dfd which requires you to sell up to release equity?
Seems harsh. The whole point of an iva is to enable insolvent people to protect their assets.
Have dfd not discussed other options which may allow you to keep your home whilst releasing equity?
Dfd seem to be great advocates of forcing secured loans on customers, if other threads on this forum are too be believed.
If dfd won't do anything more conventional like extend the iva for another 12 months, one of their secured loans may be worth looking at.
Last edited by
UpToMyNeckInIt on Sat Jun 21, 2014 9:12 am, edited 1 time in total.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
