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Posted: Tue Apr 21, 2015 8:03 pm
by Jamesd0116
I have reached the last 6 months of my IVA, owning my own home I have been asked by independent mortgage valuers that I can raise £6000 in equity to pay my IVA. Would I be able to pay this with money borrowed by my family members without getting a re-morgage or loan! Thank you.
Posted: Tue Apr 21, 2015 8:15 pm
by Foggy
Hi, yes you could offer 3rd party funds. Otherwise, if unable to release the equity by re-mortgage ( as is usually the case these days) and your arrangement does not mention secured loans then a 12 month extension can be applied -- all depends upon the terms in your own IVA paperwork.
Posted: Wed Apr 22, 2015 9:14 am
by Lisa Thomas
Hi James - yes definately - check the terms of your IVA as Foggy says and speak to your IP about it.
Posted: Wed Apr 22, 2015 6:57 pm
by marathonman
Make sure your IVA company are calculating your equity correctly based on your paperwork. Some are working equity out based on 100% of valuation less outstanding mortgage as opposed to 85% of valuation less mortgage. This happened to me until I queried it
Posted: Thu Apr 23, 2015 9:55 am
by Michael Peoples
Third party funds are usually acceptable but I agree that you sjhould double check the equity calculation as some firms seem to interpret it in different ways.