So 85% of £285,000 is £242,250, and you have a mortgage of £252,000. Therefore no equity to raise unless I am missing something fundamental about your particular IVA proposal.
Who is acting for you villapb, and is your IVA governed under the terms of the IVA Protocol?
Latitudee6400 - no equity to raise in your case either, given that 85% of £320,000 is £272,000 and you already owe more than that on your current mortgage. Again I am assuming that you have the usual IVA Protocol based terms.
I know how you feel I could cry with frustration, I will let you know outcome early next week, but if ip doesn't listen go to their requlator. I will see how I get on before that......its my last resort,,,
Latitudee, I think it is plain as day that your IVA should finish after 5 years but the worrying thing is that it does not state that it is 85% LTV of the equity for the de minimus £5k rule to take effect.
It just states amount of equity available in the home at month 54 is under £5k, it is de minimis.
Which could mean he could then use 100% of the value to get out of what it states.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Desperate Bob
Latitudee, I think it is plain as day that your IVA should finish after 5 years but the worrying thing is that it does not state that it is 85% LTV of the equity for the de minimus £5k rule to take effect.
It just states amount of equity available in the home at month 54 is under £5k, it is de minimis.
Which could mean he could then use 100% of the value to get out of what it states.
Agreed, I find the whole agreement quite vague and wooly, for the life of me a cant understand why there is no standard glossary of terms!
The above link will hopefully take you to Annex 6 and Anned 7 of the 2010 IVA Protocol which clearly explains how it is intended to operate the calculations. The equity release wording was initially poor (my opinion only) in the 2008 drafts, however this was made clearer in the 2010 revision - and the spirit of this should flow back to earlier cases.
Latitudee6400 - your IP would appear to have included some differing equity release terms into your proposal, which do not appear to concur with the Protocol terms - however your proposal states that these override any terms and conditions and therefore I am afraid you are bound by those. In which case if the actual equity is more than £5,000, and you cannot re-mortgage, then you are bound to pay the additional contributions.
You may wish to take this up with your IP, if you felt that your IVA was proposed in accordance with the IVA Protocol 2008.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by villapb
I know how you feel I could cry with frustration, I will let you know outcome early next week, but if ip doesn't listen go to their requlator. I will see how I get on before that......its my last resort,,,
Hi Mate, please advise the best way for us to speak, I have some information to share that might be useful before your meeting.
ps let me know on here if you email so I will look...........pss I think one of the creditors is going to change vote in light of others, so may be ok but waiting for confirmation, ip said he will close it it down and send certificate asap due to stress caused .........fingers crossed
