I will be looking into this and respond early next week
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Melanie: Whats sad is reading about how some people on this site( im NOT including Oliviaseb in this) are and have been treated by certain companys where they are clearly been taken advantage of.
Maybe its with IVA's set up before the protocol?
If every company and IP was as honest and as helpfull as yours Melanie we probley would get half as many posts on here as we do!!!!
Sadly not every company and IP always look upon clients to help them get out of a difficult situation. Just make more money out of them.
I dont have any issues with IP fees because at the end of the day its out of the amount that the banks get back, and they always seem to keep an eye on them! Plus most of us are happy with the service we get.
Its just making sure the Bad companys dont spoil things for the good ones.
Hi, the wording is "if the amount of equity available in property is under £5k it is de-minus and does not have to be released. however the IVA should be extended by a max of 12 months or until contributions have equalled the estimated available equity, WHICHEVER IS THE SOONER". That reads to me that if you haven't paid enough in the 12 months to equal the equity, the IVA will finish as that is the soonest event - isn't that how it should be read?
No, esgt, that isn't the usual wording. In a nutshell the usual procedure ( at the moment) is if the equity is under £5k the property is disregarded and the IVA finishes as scheduled. If the equity is over £5k and cannot be released then 12 months payments, at the usual rate, are added.
However, not all proposals are created equal!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, I was quoting what the poster had said was in their IVA proposal - I understand that this is not the usual wording and it certainly isn't in mine! They said that the wording was 12 months payments or equity available, whichever is the sooner, so depending upon the IVA payment and the amount of equity available, the 12 months extension may well be reached before the equity has been paid.
Olivia, the equity will be calculated one time only, as stipulated in the IVA ( usually at month 54)and will be dealt with at that time, relying upon the valuation at that time. If house prices shoot up afterwards this will not be considered as equity will already have been dealt with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You don't need to extend for 2 years if what egt1967 quoted is the wording in your contract. 12 months is the maximum you pay unless you reach the outstanding amount before then.
example - if you had to release 5k in equity and you pay 1k per month then it would have to extend for 5 months but if you pay £100 per month then you have to extend for 12 months.
I do not propose to go into specific details of your IVAs on this public forum, as I have contacted you directly to discuss the specific details with you now that I have identified your case and who you are.
I will say, however, that neither your own or husband’s IVAs were Protocol type cases and at the initial meetings certain modifications were put forward by your individual creditors, which I am obliged to take account of.
Please also remember that these were cases taken on by me as your new Supervisor from the old Relax Group cases (Synergi) when I was appointed in July 2010.
The suggestion to you both of extending the term of your IVAs for 24 months to deal with the equity in your property was put forward as a result of those modifications.
I trust you will have by now read my email to you.
Sometimes comments made by others can be taken wrongly as has happened here in the advice suggested because they are not fact specific.
Regards
David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
That is a bit harsh - some of us rely on this forum for advice and to be pointed in the right direction and to ask the right questions - i personally have never been able to speak to my IP in 2 years, nor have i had any of my questions responded to in the last 4 months by my case worker so i don't know where else to turn except to a public forum. I am extremely thankful for all the advice given here even if it is not specific to my case because without it, nobody would answer my questions. Thanks to this forum, i have at least been informed about how to make official complaints and for the first time in 4 months i have at least had an acknowledgement of my communication if not yet an answer. Please, please, please experts continue to pass on your knowledge to us through this public forum - it is a valuable lifeline to some of us!!
Good luck Oliviaseb, i hope you finally get the answers to all your questions!
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
You know what, I have no idea still, it sounds like modifications had been made to the IVA but I had no idea about it.
I had planned my life for another 12 months not 24 and just don't think we can go through this anymore.
I don't have the energy to fight anymore
Thank you so much everyone for your support.
