how much of the equity would be wanted?

[c.s]

i want to sell my house which will give me 17000.00,i am on an iva for 30.000 i have been on it just over a year,how much of the equity would they want of the 17000,i pay 338.00 a month

[kpw]

Hi
A good rule of thumb would be to aim for the amount you would have paid into your iva over 5 years i.e 338x60= 20280
Minus contributions 12x338 =4056
total =16224 as tops
Depending on IP costs you can probably bring this down slightly as the ip costs for final 4 years will not be incurred. But there are costs associated with F+F
Ask your IP for a settlement figure and go from there

[Cybus]

Before selling your property, I would check what the proposals actually said in relation to your property and any equity therein.

Most proposals involving a property are modified by creditors, requiring a valuation in year 4 and then expecting you to obtain 2 offers of re-mortgage. You would be expected to accept the offer that provides the greater return to your creditors. How much? It can vary from 50% of your share of the beneficial interest to 100%.
They may also suggest that contributions in year 5 can be reduced by the level of any increase in the mortgage re-payments. For example if your mortgage goes up by £50, contributions may come down by that amount.

Check the proposal and Chairman's report before doing anything else re a sale of your property.

Tell it like it is.

[ray_a]

Sorry, from a personal experience I have to disagree!

Firstly you need to check the IVA documents.

I suspect there will be a clause saying that if the Supervisor can see that you have funds to make a full payment ie 100% and you can pay statutory interest then he has to persue it.

Given the IVA is only for £30,000 and you have a considerable amount for the sale of the house your supervisor will seek to recover that. Sorry I know it hurts!

The good news will be that you will come out of your IVA and give you sufficient funds to put as a deposit for a new home and effectively rebuild your life!

Do come back if you need any more info!

Good Luck

[Adam Davies]

Hi
It all depends on whether you have the fourth year equity release clause or not.
Can you post back those details
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp