Hi all, am currently about half way through my iva application process and have obtained a quick sale valuation on my house which has taken it from an original value of 199,950 to 175,000. Mortgage would cost 174,00 to pay off now or 171,500 in March 2012 when redemption fee expires. Am I right in thinking that this figure should put my mind at rest re this aspect of my circumstances? ie. that it would not be worth forcing me to sell as there is no equity? Trying hard to feel positive but feel in limbo a bit, suppose all I can do now is wait, just wish it was'nt sending me in the direction of the biscuit tin[:I]
You should be fine Louise. They will not force you to sell, the worst that can happen is that you will have an extra year added on if you can't remortgage in the final year.
Your IP would not be putting forward an application if they did not think it would be accepted,
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Louise - your feelings are natural. As Jan says the worst that will happen is an additional 12 months IVA payments if there is sufficient equity in the property in Year 4.
We all thought of reasons why our IVA's could be rejected so don't panic! I ate so much chocolate in the week before the IVA I started to resemble a michelin man!!
Louise,
Step away from the biscuit tin !! LOL [:D] We have all gone through the feelings you are experiencing at the moment it's a difficult time.There is so much too take in,so much information to digest, but feel free to ask as many questions as you need to to settle your mind.
You will be fine and hopefully before you know it you'll be working to a budget and paying your debts off nicely.
Good luck
Karen x
We all go through this, everyone kept saying you'll be fine etc etc I thought yeah knowing my luck I'll be the one who won't be, but I was. It's so hard not to get stressed at this time so I won't say don't, cos I couldn't, but it will be over soon and really it will be fine )
"It is never too late to be what you might have been"
Fiona
Thanks girls, hope so. House valuation in writing gone off to IP today so heres hoping for a proposal soon.
Just spent the past month living within the proposed budget, putting my potential payment aside etc and managed fine with money put away for the car tax, service etc and emergency/contingency fund.
I cant describe how good it feels to pay cash and not have that sense of doom/guilt at the till in Tesco so my fingers are tightly crossed that my application will be accepted.
)