www.iva.co.uk

Hi,have you ever release the equity of your house in the fourth year of your IVA? The company that processing my IVA is asking for a 75% of the equity release on the 4th year which is for me really a big amount sum of money but i don't have any idea if this is the reasonable amount should be asked.. Please REPLY ASAP as my IVA process is going very quickly.. Thank you everyone.

[?] is... during the creditors meeting on the day of the meeting itself.. any idea what questions may be asked by the creditors to the debtor or it depends whoever is present in the meeting creditors wise.. Please REPLY anyone..

lss

In an IVA you are likely to be required to release as much equity as you can. This would often be an 85% loan to value equity release from your propery. Here is an example
House Value £100k
Mortgage £60k
85% loan to value = £85k less the £60k already secured would equal a release of £25k
The timing of the equity release can range from a one off full and final payment to a release after your 60th monthly payment, i.e. 5 years.




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
Oliver
www.thomascharles.com

Hi
You need to be clear before you start the IVA.
Ask your IP if there is an upper figure that can be released.What happens if house prices continue to soar ?
The amount you release may be less than 75% because you may not be able to get a mortgage for the full amount or be able to afford it.Ask your IP if an option to increase your IVA term by one year instead of an equity release is available ?
Finally a "meeting" of creditors RARELY happens[if at all] instead it is all done by post.Can you imagine the cost of creditors sending a representative to an accountants office ?? [there has been 3750 IVAs in Nov alone !!!]It just does not happen
Regards

That is a good point by Neverending. Often your IP will know whether or not your IVA is accepted before the meeting date as the majority of creditors will have responded by post before the date of the meeting.



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
Oliver
www.thomascharles.com

what exactely does equity release mean.

what exactely does equity release mean.

An equity release is the process of realising the equity you have amassed in a property you own. This would usually be achieved through a remortgage.

Equity is the value of the property that you own after any secured loans have been deducted.

Here are some examples

House Val £100k
Mortgage £0k
Equity = £100k

House Val £100k
Mortgage £60k
Equity = £40k


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
Oliver
www.thomascharles.com