Hi again
So, all is still going as planned.
One Tenant is moving out on Friday (Hoorah!!) and the other, fingers crossed the weekend.
We did have a fright from Northern Rock however, stating the redemption fee included the 24k unsecured loan we had on the house!!
A letter came from the solicitor saying we would need to pay another 8k to settle the house sale!!!
Fortunately a couple of phone calls and this was rectified.
We did have a problem for June however as because both tenants will vacate (Hopefully) we will not be receiving the £450 rent. This puts us in to a financial dilema as mortgage is £631 and IVA contribution is £440. Without this rental income we will be short of covering all expenditure.
Our IVA company however, have been very helpful and have allowed us to miss this months payment due to this shortfall and have now put forward the meeting of creditors to aarange the F&F. They have suggested that missing this payment will show the creditors that we are not in a position financially to continue with our £440 and they will hopefully settle with the F&F.
I personnaly will not believe anything until the meeting has sat and everything is accepted and settled.
Debt Monkey, I think my IVA company worked out how much the full return would have been over the 60 months, plus fees and the amount I had already paid but minus the fees for what would be from now to the end as we will be ending early. As we were already at 75% of our LTV and this is what was requested through our 4th clause (75%) then was going to be no equity available in the 4th year unless there was going to be a huge increase in house prices in our area, which wasn't likely.
The lady I dealt with did not send me a break down or any paperwork what so ever, she just told me that I needed to raise 16k after paying off my mortgage and fees for selling the property. Which fortunately we have just managed.
I'm guessing that the experts on here would be able to give you a better explanation.
Can't wait for this to end now. I can guarantee though that I am enjoying living frugally now and find it more of a way of life rather than a need to survive.
My daughters and I had a great day out last weekend buying summer clothes!! we went to about 7 charity shops and came back with a whole load of NEXT, H&M, M&S and New Look items all of which were imaculate and very cheap!!Along with two pairs of brand new sandals!!
There would have been a time when I would not of dreamt about going into a charity shop to cloth myself or my family but now I am no longer that prudish, money wasting person, infact I don't want to buy expensive items are part with my cash on impulse buys anymore.
