For all pre Protocol compliant cases it was normally the value fixed at the start of the IVA (or what was put in persons relevant clauses of their IVA's). Now post Protocol compliant it is the value in the 54th month. Crediors thought property prices were always going up and they wanted a cut of the increased value!!!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
What does the specific clause about equity release say?
i will then try and make it clerarter.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
only just, will have to read everything again, thought i had covered absolutely everything, i cant recall anything, just the equity release figure. i am sure it has been explained to me , obviously my mis understanding.
In your case Abby, with a very recent IVA, the property will be revalued during the final year - and therefore the figure will be based on whatever its value is at that time.
Most of the pre-protocol cases I am supervising, have similar provisions (largely introduced via creditor modification) - but there is a mixture of fourth year and final year valuations. I have very few where the figure is based upon a valuation taken at the outset of the IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
thanks david, i think melanie has answered my question,but still wondering is it benificial for my house price to rise, obviously it is for the creditors, as i pay more off, but my understanding is i cant remortgage for more than 50% what we are paying into the iva, (sorry really tired tonight, maybe getting confused)[:(]and dont get me wrong i do want to pay back as much as i can.These things do pop up where you dont fully understand.
Go to bed and re-read the clause in the morning and get back to me.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
