Complex IVA problem

[killerkev]

I'll have to see what I can do I will go back to my IP As I have said I only want what is fair I have no problem with paying as much as I can!

[Michael Peoples]

Best of luck and let us know how you get on.

[ray_a]

I must admit I have been wondering about the fall in house values and IVA's. When I did my IVA it was something that I thought might happen. My supervisor told me that if the equity release could not be provided then the IVA would be extended by a year. If this is not happening then is this another area of concern we have with the IVA proposal. A person in the street who went into an IVA 4 years ago could not have seen a serious detrerioration in the mortgage market and fall in house prices.

[kallis3]

I will definitely have the extension but I always expected it.

[mole]

I am totally shocked killerkev, it is events like this that give IVAs a bad name and would put off anyone entering into one.

You keep your payments up for 5 years and through no fault of your own are facing going back to square one.

Name and shame this creditor they are a total disgrace.

[killerkev]

I will not name the creditor at this time as I have just put forward new proposals which I hope will be excepted, as most say they will get less under a forced sale I'm sure everyone will agree in the end !

[Michael Peoples]

I hope this time the matter is resolved once and for all and I look forward to a positive post in the near future.

[Ricardo]

Hi my IP are also trying to extend my arrangement but are saying i have to repay any equity using 100% LTV which i think is totaly unfair, i read above that Michael Peoples keeps quoting 75% of any equity available. So are dfd trying it on or can they pull a figure out off the air because ive been through the clause and there is no percentage written down anywhere. dfd have valued my property at 89k and ive still got 79k owing on morgage!!

[kallis3]

The very most is usually 85% LTV, I've not heard of 100% before.

Send Declan an email via his contact details on the 'Ask a Question' link on the left hand side of the page - he will do his best to sort it out.

It does all depend upon what it says in your agreement.

[MelanieGiles]

If the proposal just talks about equity, rather than a percentage of equity, you may well be obliged to pay over the lot - however this is easily removed by variation as the likelihood of getting a mortgage to provide you with any funds at present must be pretty remote.

[Michael Peoples]

The 75% I referred to was what was in Killerkev's IVA and your own might be different. Discuss it with DFD and I am they will be able to explain everything.

[Ricardo]

yes thanks melanie for responding i have just spoke to my DFD and explained that there is probably no equity in my property and their representative has told me that they may still want to extend my agreement has i am unable to remorgage!!!i feel like banging my head against a wall as has you can see from my post in help....they want more money off me, it doesnt mention extending if there is NO equity only if i cant realise any equity! im no laywer but it seems straight forward to me. i feel like they are trying to move the goal posts!! So how can it be right for creditors to still possibly fail my iva if they dont get their own way....sorry for the long response but i am very down at the mo and cant get any straight anwsers.. thks.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

If the proposal just talks about equity, rather than a percentage of equity, you may well be obliged to pay over the lot - however this is easily removed by variation as the likelihood of getting a mortgage to provide you with any funds at present must be pretty remote.

[lem]

I think you will need proof of no equity Ricardo, so you do need to get an up to date valuation in writing for a forced sale price and then a redemption figure for your mortgage, then you will be able to prove whether there is any equity to release or not and have a bit more leverage with your creditors