I am 10 months into an IVA, paying roughly £6500 per year on debt totaling £61000. I will be 49 in year 4 of my IVA and unlikely to be able to gain a satis mortgage. I currently have £20000 equity in my property(joint with spouse) Will I probably end up paying an extra year and will it be just the one year?
Regards
It would all depend on the exact wording in your proposal with regards to the equity release.
The chances are, you may be expected to pay one more year.
One more year sounds fair as £20k before the costs of sale split with your spouse would not be far from £6,500 anyway. However, there is four years to go in the IVA and property prices will change in that period. There may be more or less equity than at present and you may have paid more than anticipated. These factors will be taken into account at the fourth year equity release stage.
