Down to my last 5 payments, not sure if I will have to do another 12 months ?

[khorat]

Hi all, I've been looking at my original proposal and in the arrangement summary it says equity to be released £0 .

[seagulls]

Sounds hopeful!!

[luluj]

I would speak with your IP to confirm this ..... If £0 is shown then not sure how they can then insist on it now ...

[khorat]

Just spoken to gt about equity release they say i have £11000 equity, what are changes of getting that, only supposed to have 3 more payments feeling fed up

[Shining]

Personally I would say there is little or no chance whilst in an IVA of remortgaging at all. Will they consider the extension in lieu of equity?

[khorat]

Hi , if I cannot remortgage and have to do another 12 mouths , that would be 12 × £306 =£3672 so what would a realistic full and final settlement figure be , thanks

[Foggy]

If there are no circumstances making a F&F inviting to the creditors you will be looking at offering the full amount due, maybe £3500. Much less than that and the creditors might just decide to sit it out for the full whack.

[khorat]

Hi, just had a letter from gt saying I have 3 more payments left, after that I owe £999 left to pay , not done remortgage yet, call them to see if a £1000 settlement figure would be ok, what do you think, cheers

[khorat]

How do I go about trying for equity release, this was not explained to me very well , thanks

[khorat]

Just sent off 12 months payslips to g t is this normal, have 3 more payments left, and £999 left to pay in iva

[lubeshio]

Hi Khorat,

I am going through a similar situation.
I only have 3 month's left and received an email from the IP stating that. Then I had a letter saying there was an equity clause, I knew nothing about. I have to get a valuation on my house and if the outstanding balance is less than 85% of the valuation, I have 3 options.
Re mortgage the house to 85%, and give them the difference,
Pay another 12 month's,
Or make them a third party offer, which will be the 12 month's extra payments, in my case an additional £4.5k
It is unlikely I would get a re mortgage, as the lender would be wary of giving money to some one in an IVA, if they did the interest rate would be high. Also they have to be satisfied you can afford the additional payments of a re mortgage.

So, believing I was out of this after 5 hard years, was wrong !!
"It's never over till the fat lady sing's"
I will end up in another 12 month's, and like your saying, it hurts !!

If they are just asking for £1k of you, I would take it, BUT, make sure that is the F&F, with no come backs.

Good luck !!

[khorat]

Cheers for that lubeshio I will be in touch as soon as I here enything

[lubeshio]

Your more than welcome,

Good luck !!

[khorat]

How does this house equity thing work, I, ve according to gt £11000 in equity is it 12 payments which add to this amount, if so I will pay over £10000 more than my original iva . Total iva = £19600 ,3 mouths left = £ 999 + equity , so confused . Com

[Michael Peoples]

If the IVA is extended you will pay twelve months at your monthly payment unless this exceeds the amount of equity available. If this is the case you pay that amount in extra payments.