Hi there Hayz6609
The first point to address is that unfortunately if you have a share in a property, then you will always have to agree to release equity from it as part of your IVA. As such you have been correctly advised on this point.
In terms of raising money early. Generally, you would only have the option to release equity early to settle your IVA, if the lump sum you can raise is greater now than would otherwise have been the case down the line. The benefit for you of this early equity release is generally that your creditors accept it in immediate full and final settlement of your IVA. As such your monthly payments would cease. Overall therefore, your creditors could be worse off. However, they may be inclined to agree to this proposal because they will receive the lump sum early. A Bird in the hand.... as the old saying goes.
It is very difficult to give you a view of the likelyhood as to whether this will be acceptable to your creditors. It will depend on how much more equity you can release now with your partner's help compored to what you would have released down line. You MUST discuss and agree this potential action with your IP BEFORE you do anything. They will be able to put the proposal to your creditors and "test the water" before you make any changes to your mortgage!
The one positive thing to say is that if you do achieve this early settlement, it is absolutely the best thing for you. Your IVA will be completed, your credit file will start to repair and importantly, any future increases in house prices (and thus equity) will remain yours.
You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp
If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at
www.thomascharles.com.
Best Regards
James Falla
www.thomascharles.com
