Yes, that is how PJG and many others would calculate it -- but some firms are interpreting it differently ( and, in many cases it can be read this way) that the equity is calculated at market value, so
150,000, minus secured lending = 32, 200 equity divided by 2, gives your share at 16,100. Then they take 85% of this = 13,685
This is brought about by conflicting clauses in some proposals where it state that 85% of available equity shall be released. This has been challenged and at least one IP has backed down. The saving grace in others has been the inclusion of reference to the method to be used --- from memory Annex 7 of the terms and conditions. I am sure someone will correct me if I am wrong. That annex details the method as that you used earlier.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Headbanger - email was disabled a long time ago due to the amount of spam it generated.
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
Update- I'm off work this week and thought I would ring a few estate agents to come and do a quick sale valuation rather than a forced sale one. Thought I would ring Credit Fix first to see if they had an update if they had calculated my equity (probably using zoopla) the lady put me on hold to speak to a manager and then came back and said. The equity release team have worked out I have less than 5k equity and my last payment will be November this year. I was totally gobsmacked. I thought I would have to put up a fight to prove my house price. My case has been sent to completion team. Holy smoke. I'm on cloud nine. Still not counting my chickens until I get it in writing.
What happens in the completion stage. Do they meet with the creditors or something.
Started a DMP sept '09
IVA since Dec '11
Completion Certificate Dec '16
If it is just going for completion then that will be it and when you make that final payment they will sort out the completion letter.
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
Do they have to go back to all the creditors to show its completed and can't get equity release or is it just completion internally at CF and creditors take its finished on their word. Then dish out money.
Started a DMP sept '09
IVA since Dec '11
Completion Certificate Dec '16
No I didn't need to get a valuation. You could have knocked me over with a feather. I sent settlement figure for secured loan and mortgage statement and they must have used the likes of zoopla
I was dreading getting valuations and potentially having to get mortgage refusals as I know I was borderline on house value for calculations to work in my favour
Started a DMP sept '09
IVA since Dec '11
Completion Certificate Dec '16
As far as I am aware they will just wrap it all up now and dish the money out.
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
I am dreading getting the re-mortgage rejections as I know I have equity. I was asked for last Mortgage statement and told if they needed anything else they would contact me. So pleased for you Headbanger!!
