Equity release in 6 months possible redundancy

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bilko99

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Post by bilko99 » Sat Jun 14, 2014 9:59 am
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Hi all, i am 4 and a half years into my iva(5 years). I expect my payments to be extended by 12 months because i will not have enough equity in my mortgage.If i am made redundant in the extended 12 months do i still have to tell my ip?
thanks
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Foggy

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Post by Foggy » Sat Jun 14, 2014 10:15 am
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Hi bilko ..... if you get any extension all of the original terms and conditions will still apply. So, yes, you will need to keep your IP informed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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bilko99

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Post by bilko99 » Sat Jun 14, 2014 10:43 am
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Thank you Foggy , i will probably get the equivalent of 11 months wages and this would have seen me through to the end of my iva. I will follow your advice and inform my ip if/when it happens .
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MelanieGiles

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Post by MelanieGiles » Mon Jun 16, 2014 8:51 pm
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It may be possible to use some of the redundancy money to offer a full and final settlement of the IVA, so do keep in touch with your IP and explore this if it does eventually happen - hopefully it won't.
Regards, Melanie Giles, Insolvency Practitioner
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