Anyone else out there in the same situation, its been approx 6 weeks now and i'm still waiting for Grant Thornton to get back to me to give me the figure i need to pay as a lump sum into my iva for the 4th year equity release, seems that the figure in my original proposal is only a starting figure.
I understand they are snowed under with work at the mo, based on messages posted on here, but just wondered if anyone has had a quick reply from them recently.
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
Not sure how i'm raising the money just yet Mel, looking at my proposal it mentions that after open market valuation & redemption figure provided, must obtain minimum 2 offers of remortgage to address equity share, monthly contributions may then cease in order to accommodate increase in mortgage payments, if debtor unable to release his equity, supervisor must convene a meeting of creditor to consider the debtor's proposed alternative.
So i take it the meeting would be as to whether an extension of time would be required.
Btw according to my proposal my creditors will receive min 33p/£.
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
Your IVA wording above sounds like what many posters have in their proposal, so it all sounds standard IVA protocol.
We have found that it's extremely difficult & unlikely to remortgage to release equity in a IVA, & many posters have and expect their IVAs to be extended by 12 months instead of releasing equity, some prefer it as it's a cheaper option.
I'm with GT & they are slow to respond via email/letter at the moment, but I have managed to get through a few occasions these past few weeks by phone. I think I would get onto getting the quotes done & then start chasing GT x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
I don't think that webspark's proposal is protocol compliant as it's too old for that.
It does sound as though he may have to offer another 12 months in lieu of equity as it's not already written in.
I would certainly speak to a couple of mortgage providers so you have the refusals ready.
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
I don't envy him/her - think they might get a bit of flack initially!!
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
As you say paul get the proposals done early, just that i thought you needed to know how much you need to remortgage before applying for the remortgage, knowing my luck if i did get it, GT would want more than the amount i would ask for LOL.
Lyns your quite right that would be a cheaper option for me to extend for 12 months.
Will keep my eyes open on here for when the GT rep (brave soul lol) joins in tho.
Daz.
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
It maybe that you do have to find this out, but I am sure that if you try companies to see if you can remortgage they will say no anyway, regardless of the amount.
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
I have just had my 4th Year Equity Release variation and as I had less than £5000 equity from 85% LTV my creditors have agreed for my property to be removed from the arrangement and my IVA ends in March 2012 after 60 months.
I'm with GT and I think they have done a wonderful job.
I was requested to get a house valuation and 2 offers of remortgage at the beginning of May, I got the information and e'mailed it to GT, a telephone interview with a 'Variation Advisor' was arranged for the 3rd June, this lasted for 45 minutes, my variation proposal was submitted to my creditors on the 24th June and my variation meeting was on the 22nd July.
I received a text from GT on the day of my variation asking me to ring a direct number, I got straight through and a lovely lady informed me that my variation had been accepted, I then received the acceptance paperwork within 3 working days, so thats it all done and I'm out of debt in 8 months time.
I don't know if I've just been lucky but I have got to say GT have done a wonderful job for me and I would have no hesitation in recommending them.
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
I think you've done really well - hope the last 8 months goes smoothly.
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
Thx Jan
Wow !! north what a great detailed reply, that's fantastic news for you, made up for ya !! bet you feel on top of the world eh lol
I don't think i will be so lucky lol as we have a fair amount of equity in our place, valued at 40k more than in original proposal !!
Anyway, well done north !!!
Daz
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
My equity has actually gone down - the house is still worth more than the figure we have to release though.
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
To be honest Jan i was quite surprised with the valuation, maybe i should have said the valuation was for iva clause, as i only had one valuation performed, i think i should have had a lower one lol.
Then again there probably arent that many others on here who put 120k c/cards and loans into Iva and still have mortgage, secured loan (50k left) etc lol
Daz.
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
