I know we are unless that lottery win materialises!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Andrea I would double check your proposal. NR often extend the term of an IVA to 72 months. This extension does not replace the equity clause it is in addition.
Therefore if you cannot release equity you will have to do another 12 months, taking you to 84 months!
I know it is in addition to the equity clause but i cannot see us having any as we have a secured loan running alongside the mortgage and at present we have no equity whatsoever.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If we were (in an imaginary world) to get 100% mortgages again then we would have equity right now. however on an 85% LTV we currently owe more than that already so there is no equity at all. I can't imagein it being that much different in five years unless the market takes a really massive turn for the better. So assuming my memory is not playing up at the moment, when it comes to the time there will not be any equity to try and release and so therefore the IVA will finish at 5 yrs. If the market changes and we manage to have a bit of equity and can't release then it will go to a 12month extension.
It is very worrying, all of this is, I guess its not until that certificate of completion is in our hands that we can stop worrying
I am in the same situation as you Andrea. A 6 year IVA due to NR.
However after 66 months when equity clause kicks in I think I will be borderline with regard to equity. Depends on housing market. But even a modest 2% a year rise over next 5 years (remember we have seen things like 10% per annum increases) could increase my property by 15% so that could just push in equity.
Strange to say but almost hope my asset doesnt increase!!
Mind you the last valuation on our house this year was really low as it was looked at on recent sale prices on our estate-the majority being repossessions!!!
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
mole-NR looking at my equity at 54 months-why is yours 66? just being nosey cos im probably missing something again!!
Also my hubby gets lots of overtime and the odd bonus so we will be well over the minimum dividend-will this go in our favour when we get towards the equity release date?
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
