Good thanks Max. Couple of small financial probs (overdraft with old bank/quotations for existing policies) but compared to the probs we had before the IVA they pale into insignificance and I will deal with them as and when. Hope your recovering well from the op.
I came into this world with nothing and still have most of it left!
Well received my Chairmans Report today. Only MBNA (Virgin) failed to vote. Eversheds on behalf of Northern Rock asked for my payments to be increased from £540 for 60 months to £632 for 72 months but were outvoted (sigh of relief there).
Just one slight niggle is the letter I received from my IP which states:
"You have agreed that in the final year of arrangement, the supervisor will obtain an independant valuation of your property at.....and your share of the equity is to be realised for the benefit of creditors by way of re-finance OR sale."
In effect the above states that if I cant refinance I MUST sell my property. I will query this on Monday as I was not aware that if I had no equity or an insufficient amount then I would have no other option but to sell.
Last edited by Pennyless on Sat Nov 07, 2009 10:26 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Very sorry to hear that there is an other hitch and I do hope Melanie will be able to give you some clarification. I know it may not help you at this point but from what I remember you are young enough to remortgage (if it comes to that) an also there is an expert (I think he posts as Welshboy) in obtaining mortgages for IVA people. I really am sorry Pennyless for having read your posts you and your wife have been through it alright! One word of advice - please keep this latest hitch from your in-laws - the last thing I want to read is that you and your wife are having more trouble from that direction. Please let us know how you get along.
I think most creditors if unable to remortgage will accept a further 12 payments in lieu of this or I think the IP can actually ask for closure of the IVA (just searched for previous posts)!
I'm sure Melanie's staff will put your mind at rest on Monday.
Last edited by Shining on Sat Nov 07, 2009 11:19 am, edited 1 time in total.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Sorry to hear that, and I am sure that you can get this sorted on Monday.
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 hope you can get things cleared up on Monday, and I agree with Max, don't let your outlaws know. You've got enough on your plate without worrying about them x
Thanks Max....I'm sure its just the way the letter is written. I did not understand that I would HAVE TO "re-finance or sell" (I assumed the latter had provisions attached) in either speaking to Melanie or on reading my proposal, after all if there is a share of equity in the property after my 4th year I would probably try to get hold of this money by other means rather than remortgage or sell.
My account has now been passed to a Case Manager in Northern Ireland so I have new points of contacts.
Last edited by Pennyless on Sun Nov 08, 2009 9:52 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
If you are with Laura she is a very nice person indeed - but still have a word with Melanie - she will not mind at all and, in any event, Laura will have told you Melanie is always available if required.
