How to exlain the IVA and shame. I need to talk.

[MR Bee]

Thanks, ill try and make an appointment.
Its just never ending.

Ip has already told them no on previous attempt.

Again its the cap they want lifted which is part of my iva.
In my opinion the additional 10k is unjust
As the agreements not changed.

I dont understand how?

Looks like ill be starting again doesnt it.

What happens when an iva fails?
Bankrupcy, homeless, job loss?
I will lose my job again.
Its a long time until monday.
Sorry i just dont see anyway out

[MR Bee]

Its not a new debt the liquidators on the limited company want me to pay more fees.

The original debt to my limited company and fees to the liquidators was included.

[Foggy]

It would seem that the increase in fees is unjustified (and somewhat inventive) and your IP might well be of the same mind.

[MR Bee]

Thanks foggy,

Sorry to be a pain.

[luluj]

Never a pain. We are always hear to listen and provide suggestions as best we can. Let us know the outcome of your discussions.

[MR Bee]

So.
Follow on from last months panic.
It looks like the ltd company liquidators will up the fees to £25k regardless
My iva practitioner has responded that it wont impact my iva as its set.
So thats good.

Ive asked to talk to iva supervisor just yo talk through whats happening and what happens at the end.
Being a home owner.
And how it works etc.

[Foggy]

Well, that's another thing sorted. Two years to go.

On the house front, about 6 months from the end of the IVA you will be asked to get a valuation for your home and a redemption figure from the mortgage company (some firms do this themselves --- but, if it is a close thing, it might be better to get your own figures together) . If your share of potential equity is more than £5k they will ask you to attempt to remortgage to release equity --- this usually fails and you get a 'No', in which case the IVA is extended by 12 months. If there is less than £5k equity then the IVA just finishes on time, with no need for an extension.

[luluj]

Do you own your own home ? If you don't one option maybe be bankruptcy as you don't have anything to lose.

As foggy advises, an appointment with the CAB debt officers will help you get some independent support and guidance on this.

Its not a straight forward case so very difficult for us to comment on, but I truly feel for you as you should in theory be over the half way mark and staring the end of your iva journey ...

Let us know how you get on.

[MR Bee]

So it looks like ill be another year on to the iva,
Always thought this would be the case.

Im close to the end of my mortgage 5 or 7 years left.

I wonder how much equity can be released?
Would a mortgage lender even consider me?

[Foggy]

The thing about equity release is that there are limits in that the new loan (remortgage) cannot go beyond the end of the current mortgage or state retirement age, whichever comes last, nor can it increase your total mortgage payment by more than 50% of your IVA payment, so this will limit the amount you could release anyway.

A few years ago it was nigh on impossible to release equity and the 12 month extension was pretty much the way everyone had to go. Then the mortgage market perked up a little and more and more could remortgage. Bearing in mind that we are sub-prime borrowers whilst in the IVA, I think the balance is still that more people are refused a loan than are accepted.