Andy, Melanie and Mish
Without your support, I have no idea where I would be right now.
Andy, I would love to meet up with you - will send you my contact numbers to your email address.
Melanie, I have asked for the paperwork from the examiner and they are going to send them out to me. As for the IVA payments and paperwork, I am very happy to forward these to you. The examiner did ask for the original paperwork regarding the IVA, which she now has, but I will ask for them to be returned to me, even if they send me copies of them. I have calculated and done my sums and have worked out that whilst in my IVA, without equity release, I would have effectively had to pay £34,220 - £435 x 8, £485 x 4, £600 x 48. Creditors wanted a minimum of 41p on debt of £106k meaning I would have to pay £43,460 excluding IP fees - these amounted to approx. £9k. On revised calculations by my solicitor, debt was £95k!!!??? Solicitor did, in writing, point out that I was mislead!!! Bit late now!!! So all in all, I would have paid +/- £52k over 5 years and remortaging my property. Unfortunately with increases in mortgage rates etc, I just could not maintain the payments and IP did not take this into consideration so the IVA was doomed to fail from the start.
Now in BR, I lose my home which has approx £30k equity, have to make payments of £727 for 36 months - total amount payable with property approx. £56k. Of course, costs have to come out of this, but looking at the figures, I am no better off being BR than being in an IVA.
But maybe I have worked this out all wrong and have no idea what I am talking about, so I will send the paperwork to you Melanie for you to look at.
I want to thank you from the bottom of my heart for taking the time to help with this knowing full well that I have no way of paying you for your advice. You deserve a medal!
Sue
Ho Hum! Think I'll bang my drum!
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