www.iva.co.uk

how much equity would i have to release for an iva

Hi Glf it depends on your amount of debt and the amount of equity. If enough you coulld maybe offer aa full and final, if not then you would, in an iva ,be asked to release up to 85% in the fourth year but it can vary. If you post more details evryone will advise.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Are you already in an IVA? If so, this is dictated by the actual terms of your individual proposal.

If you are not in an IVA, then the usual requirement is for you to remortgage to 85% loan to value, following a revaluation of your property during the final year, and pay over any resultant equity into the IVA - limited to the new mortgage payments being no more than 60% of your monthly IVA contributions.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melanie
Is the 60% maximum actually policy of creditors now with new proposals ? and if so,how will it relate to people who are already in an IVA with an equity release clause ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

This will usually be outlined within the terms of your agreement although the average equity release would usually be c85% of the property's value.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp