Get expert opinion. This is the place for new questions to be posted.
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London Coool
- Posts: 21
- Joined: Mon Oct 23, 2006 3:23 pm
- Location: United Kingdom
While I was in the final year of my IVA I was unable to obtain equity release on my property. No lender was willing to offer me a remortgage, so I had to get 2 letters of rejection to satisfy my IVA arrangement.
I was expecting a 12 month extension to my IVA payments as a result but my IP 'miraculously'told me that there was no clause in my IVA legal documents that stated I should have to do a 12 month payment extension in the event of being unable to release equity in my property. So I was estopped from doing so.
When I went into IVA I had around £30k equity in my property, so the Creditors duly obliged my IVA as it looked quite a lucrative arrangement with a potential equity release of £25,500 on top of 60 months payment. Now I have completed my IVA and have my property intact,albeit with around £15,000 equity now.
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Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
You're lucky! Congrats on completing!! x
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ginger3232
- Posts: 2610
- Joined: Tue Jan 11, 2011 4:06 pm
- Location: United Kingdom
Congrats from myself also - hopefully your certificate wont be to long in coming
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
Congratulations from myself too x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
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KAYKAY
- Posts: 1222
- Joined: Wed Jun 15, 2011 8:33 pm
- Location:
Great news. Congratulations.
IVA Completed August 2011
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Random Lady
- Posts: 277
- Joined: Thu Oct 14, 2010 11:16 pm
- Location: United Kingdom
Congrats from me too xx Onwards and upwards from now on - good luck for your debt free future xx
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
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Hi
It just shows how important it is to read and digest the Chairmans report following the creditors meeting. With many IVAs protocol complaint these days the equity clause should be universal but IVAs taken out several years ago may vary greatly.
Well done for finishing your IVA
Regards
Andam Davies
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orchid5
- Posts: 1814
- Joined: Sat Jul 05, 2008 2:37 pm
- Location: United Kingdom
Well done and congrats, time to celebrate me thinks. x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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London Coool
- Posts: 21
- Joined: Mon Oct 23, 2006 3:23 pm
- Location: United Kingdom
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
It just shows how important it is to read and digest the Chairmans report following the creditors meeting. With many IVAs protocol complaint these days the equity clause should be universal but IVAs taken out several years ago may vary greatly.
Well done for finishing your IVA
Regards
@Andy,
Just like you said, its quite important to go through the whole of the Chairmans report-to check the salient issues, the small prints, and whats not being included.
