Hi.
If house prices continue to fall at the speed they are doing at the moment.
Because of falling house price we are already in negative equity. What happens in year 4 (in 3 years time) if we are still in negative equity or have only a couple of thousand equity. What happens if you have nothin to release ???
Depends on the exact wording of the property clause but generally if your share of equity is less than £5k you would not be required to make a payment into your IVA in respect of it.
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
Providing positive solutions for your debt problems.
For free no obligation advice on all debt solutions please click here www.nancollasgreer.com/html/contact_us.html
NBNA - yes, we do offer IVAs. We would look at ALL of the options to resolve your debt problems. Please click on the link to get in touch.
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
Providing positive solutions for your debt problems.
For free no obligation advice on all debt solutions please click here www.nancollasgreer.com/html/contact_us.html
Under the current IVA protocol, there should be no extension of time if there is insufficient equity to be raised, but a number of creditors are now demanding a sixth year by way of modification. So much for agreed standardisation of our systems!
