My hubby says that I am as good at maths as a one legged man is in an a**e kicking contest!
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
The 70% is the maximum that a lender today may be prepared to go to for someone in an IVA - but there are other criteria such as affordability and age. Don't confuse what the industry is doing at the moment, with the terms of your own IVA which may specify a maximum of 85% loan to value with a deminiumus figure of £5,000 - if you have these specific terms.
Thank you Melanie, as ever. Im a bit bamboozled by it all really. I am approaching my 4 year anniversary, so i was just trying to get my head round the procedure. I have the 100% equity release clause by the way.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
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
Your LTV and de minimus figures should be written into the equity clause I believe. It may be worth digging out your proposal for a look. If yu type it in here, one of our posters may be able to work it out for you...I saw some very impressive Carol Vordeman style sums the other day!! (was that you foggy?)
i have the 85% ltv and the £5000 deminus clause but as im in a joint mortgage with the missus i only have to release 75%of my half.
how would this work if say my house was valued at £145000 and the mortgage was £130,000?
cc received 6th January 2014 now upwards and onwards
BOT - my head is about to explode! I have the maths age of a 12 year old (and not a very bright one) so I can't help but hope someone clever comes along for you xx
My proposal states that in year 4 i have to obtain a house valuation and 2 offers of remortgage. The offer that gives the largest return is to be accepted and 100% of the equity is to be paid into the iva.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
Broke of London wrote:
BOT - my head is about to explode! I have the maths age of a 12 year old (and not a very bright one) so I can't help but hope someone clever comes along for you xx
SORRY M8
that made me laugh im sitting here thinking of you with steam coming out of your ears and twirling round and round.
i could prob work it out or ask my lad who has a a+ a levil in maths(dont ask me where he got that from lol)but ips on here are as bright as a button so they would know how to work it out better than me [:D]
cc received 6th January 2014 now upwards and onwards
A 100% equity release is ridiculous and could never have been achieved from day!! I suspect that this was introduced by way of creditor modification, rather than your IP firm?
Whether it is 70%, 85% or 100% is irrelevant, as the likelihood of anyone being able to get a remortgage whilst in an IVA right now is pretty remote.
What does it say in your proposal OT about what happens if you cannot raise any money? Extension of a further year? Creditors meeting?
Melanie. Thats correct, our original paperwork said we were to raise 20k through remortgage, as you correctly said, the 100% was a modification on the chairmans report. No mention of an extra 12 months, just that if i cannot raise the equity a meeting will be called to discuss my options.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
I hope you manage to finish after 60 payments OT. Let us know what your IP says when the time comes.
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
It would be good to finish at 60 kallis(iva and work). There is some small print at the bottom of the paperwork to say that the arrangement cannot extend beyond 72 months. i hope i can finish in 5 years, but like most others on here our situation was if our own making, the iva is a far better option than a lifetime of debt and an extra 12 months is both a small price to pay and certainly cheaper than a remortgage at punitive rates.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
I do agree that the extra twelve months is nothing compared with a remortage.
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
