I have just completed an IVA early

[olympic_torch]

Thaks Melanie.
How much extra would i have to allow to compensate for the equity release?

Aucto Splendore Resurgo.
(6 down, 54 to go)

[MelanieGiles]

I would personally base that upon the value of your property at the time of the offer, assuming that you then borrow 85% loan to value. The difference between the virtual new borrowings less your current mortgage would be a good marker.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[olympic_torch]

Thank you Melanie.
I think that would be more than i would prefer
to ask my sister to stump up.
I was anticipating i could offer the original 38p dividend that was quoted by my ip prior to
the chairmans report which was 60 x £220 + 20k fixed equity release. My sister was prepared to loan me 30k.

Aucto Splendore Resurgo.
(6 down, 54 to go)

[MelanieGiles]

If your equity release was based on a fixed sum, your offer looks very reasonable to me, so keep that up your sleeve with the knowledge that for each monthly payment you make the amount will reduce accordingly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[olympic_torch]

Thanks Melanie
My original proposal was based on a fixed equity release of 20k.
after my creditors meeting and the subsequent
amendments i had the 4th year equity release
inserted which will probably prove to be more than 20k i would suggest.
I think i may as well bide my time and wait for the 24 months to pass by.

Aucto Splendore Resurgo.
(6 down, 54 to go)

[jamesgs1]

Hi, the reason I came on here is to ensure that people who work hard to sort out the IVA, like so many people do, are wasting their time trying to make settlements or struggle to pay it off early! - I started my IVA 6 years ago, like most I played a massive part in my debt, however I was unlucky with a house purchase too... Anyway this week would have been 6 years to the date when I signed to sort out my IVA. 3 years later I had worked hard to find the funds to pay it off early! so I did...

After contacting experian/credit expert this week to ask if now after 6 years since the start of my IVA it would disappear the said no 2010 would be the 6 years point when I made the settlement figure.... so the facts are that when you have finished paying your IVA it is then a further 6 years for it to be on your records!!!!

A sad do for me, should have just declared myself bankrupt! Lesson learned....

[plec]

sorry to here about it jamesgs1 i thought it was 6years from the start date of the IVA

High hopes & skint pockets!!

[tracy.h]

I also thought it was 6 years from the date your iva was excepted,are you sure its 6 years from the time you finished your iva.
Hopefully storm is about to clarify this.

Tracy

[Storm]

It is 6 years from the start of the arrangement.

For a detailed overview: (Page 7)

http://www.ico.gov.uk/upload/documents/library/
data_protection/practical_application/credit_explained_leaflet_2005.pdf

[Sensible77]

I'm pretty sure that it's 6 years from when the IVA started, not when it is completed. Can one of the experts confirm this?

[MelanieGiles]

Storm is the main expert when it comes to the credit scoring industries - and has already confirmed this point. James should query this with the companies concerned.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jamesgs1]

Hi Guy's I wish I could believe you all, but this last week has been a nightmare, but then most of you know how that feels. Below is the email I recieved from the company who supervised my debt (IVA) When I suggested your comments this is what they said. (I have removed their names for security)

Dear Mr jamesgs1


I can confirm that your IVA was approved on 13th November 2001 and successfully closed on 23rd June 2004. I must make you aware that your credit file will state that the IVA was successfully completed for 6 years after the date that the IVA was closed. Therefore it will remain on your credit file until June 2010.

Should you require any further information please do not hesitate to contact this office.

Regards


****** *********

Supervisor
Wilson Phillips Limited

[Adam Davies]

Hi
Well that goes against all that we have learned on this forum.
Even the credit reference agencies state six years from the start of your IVA.
Can you bounce this back to Wilson Philips ltd and ask them to check their info.
I will write to each agency and post the reply that I get as I am in a similar position to you having concluded my IVA earlier this year.I expect my file to be clear in 2010 and not 2013 as per you post.
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

[MelanieGiles]

I do not think that the information you have received from your IP is correct, and you should take this matter up with them directly. Great idea Andy to write and confirm on behalf of the forum members.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jamesgs1]

Thanks you so much guy's for taking the time to reply to my posts ...

I have sent an email to the company who managed my IVA, we must now wait in anticipation of their reply?

I will post the reply on here as soon as hear back from them....

James Slater