Can you release equity in your house to pay off your IVA?

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Charlotte.d

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Post by Charlotte.d » Tue Sep 09, 2014 7:58 pm
Can you release equity in your house to pay off your IVA?
 
 

Foggy

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Post by Foggy » Tue Sep 09, 2014 9:34 pm
It can be done according to individual circumstances.

Shaun Vickery of Select Partnership arranges this sort of transaction on a regular basis and it might be worth having a word with him.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Biscuits

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Post by Biscuits » Wed Sep 10, 2014 6:58 am
You can indeed. Shaun helped us out. Started the process Aug 13 (contacted Shaun about it) offer accepted Nov 13 - currently according to GT the CC is in the post! Happy days.
*** Don't look back, you're not going that way ***

IVA Completed 27-11-2013
CC Dated 07-08-14
 
 

lou3

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Post by lou3 » Wed Sep 10, 2014 8:57 pm
You can try - however the equity from the house is probably due into the IVA anyway so the chances of acceptance at variation are low.
 
 

Foggy

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Post by Foggy » Wed Sep 10, 2014 9:03 pm
Lou3, Shaun has had some success in arranging secured loans to introduce an element of equity, whilst ending the IVA early in cases where an extension would have been the result.

Of course this might change as mortgage products evolve again and remortgaging might become a possibility again.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Biscuits

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Post by Biscuits » Wed Sep 10, 2014 9:52 pm
We had the equity clause in our IVA it still was accepted... I say contact Shaun to see your own personal options. You've nothing to lose in doing do.
*** Don't look back, you're not going that way ***

IVA Completed 27-11-2013
CC Dated 07-08-14
 
 

luluj

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Post by luluj » Thu Sep 11, 2014 4:25 am
It is worth exploring this option with a broker but it may mean an additional secured loan resulting in monthly payments with iva remaining on your credit file for the full six years from start date.
Sharing from experiences of dealing with debt

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Michael Peoples

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Post by Michael Peoples » Thu Sep 11, 2014 9:37 am
The secured loan rarely remains more than a couple of years as Shaun and his team will try and remortgage you back to High Street lender as soon as possible. This can be as little as a year after completion.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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