Strange Equity Release Conundrum

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Lisa Thomas

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Post by Lisa Thomas » Tue May 19, 2015 10:50 am
Hopefully it will be worth it - one extra year's payment to keep your house. Good luck.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Imhotep

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Post by Imhotep » Tue May 19, 2015 11:25 am
Oh, I agree 100%. I don't mind one bit.
 
 

Foggy

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Post by Foggy » Tue May 19, 2015 11:41 am
The extra year, although irksome, generally works out better and you get a cleaner break come the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Imhotep

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Post by Imhotep » Tue May 19, 2015 12:44 pm
Agreed. I'm in no rush to fix my credit rating etc. as defaults will still be on file for another year.
 
 

longroad2freedom

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Post by longroad2freedom » Tue May 19, 2015 3:40 pm
I have only one payment to go of my extra year due to equity....it will fly, and before you know it you will be completing. Well done.
 
 

Foggy

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Post by Foggy » Tue May 19, 2015 4:38 pm
Yaay!! Longroad2freedom --- soon be there :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Imhotep

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Post by Imhotep » Wed May 20, 2015 10:17 am
Thanks longroad. It has been one hell of a struggle, no doubt about that.
 
 

Imhotep

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Post by Imhotep » Fri May 22, 2015 5:45 pm
We received the letter confirming the 12 additional payments in lieu of a remortgage :)

The estimated ate of the end of our IVA is now 1st August, 2017. Still a long way off.

The reason it is so long is that we opted to pay some additional payments than my wife relinquish some shares her parents left her. Three payment breaks IIRC (1 month, 1 month and currently in the middle of a 3 month one) and two half payments.

If it wasn't for that cylinder head gasket going it would have been a lot sooner.

Oh well, fingers crossed the worst is over. At least we know what we are doing regarding our equity release clause.
 
 

Foggy

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Post by Foggy » Fri May 22, 2015 7:20 pm
Yes, at least you have an end point to aim for now :-)

The time will fly :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

nonewdebt

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Post by nonewdebt » Sat May 23, 2015 3:10 pm
The business practice of even Building Societies and banks are that they don't want to deal with any Iva related matters unless you own them money.HSBC been the 'worse'.
For those of us finished with iva from the past it is a godsend.
Beyond the three years finishing the iva we would have escaped from the lingering issues and be free from it.
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