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Posted: Mon Dec 10, 2007 7:00 pm
by kieranandmegansmum
HI MY MORTGAGE IS 117000 AND SECURED LOAN 10000 AND DEBTS 32000 HOUSE IS WORTH ROUGHLY 147000 DO YOU THINK I WILL HAVE TO RELEASE SOME EQUITY AND IS A VALUATION DONE BY THE COMPANY TO SEE WHAT EQUITY I HAVE
S WARD
Posted: Mon Dec 10, 2007 10:44 pm
by MelanieGiles
The creditors will likely ask you to release equity during the final year of the IVA, based upon a property valuation of 85% loan to value. On your current figures this would result in borrowings of £124,950, and you currently owe £127,000, so no equity would need to be released, however this could change over the next five years if your property value goes up and the secured loans reduce. You should certainly be prepared for an equity release, but what advice has your own IP given you on this point?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp