Hi we have an IVA with DFD, and reading through my paperwork regarding equity release, it just states that if we cannot release equity in last year of the IVA, that it would conclude any dealing with our property. It does not specifically say anywhere that out IVA is concluded, so what happens then? It doesn't say we have to pay an extra year in lieu of equity if there is none. Has anyone got any thoughts?
Hi -- does it specify how equity release is to be obtained ? DFD, I believe, might want to try the secured loan route if the proposal does not specify "remortgage". I doubt they will just let the matter drop and all does depend upon the exact wording of your proposal and / or Chairman's report.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, We do not have enough equity in our house to release, i.e it is under the £5000. So would that be the end of the IVA? Even if the paperwork doesn't say that it is?
It would generally be that case. However, some IVA's have weird and wonderful clauses! At the end of the day DFD can only do what has been agreed in your paperwork. If it is silent on extensions, then none can be made.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
