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by James.ri
Thu Mar 01, 2012 11:09 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Thanks again for the comments. Re; Melanie, paying 4k less is just merely my subjective view based on the minimal details I can see from other people's IVA. Plus, this doesn't support the selling pt of many companies which advertise the fact, that you could write off 80% of your debt. Please note, I...
by James.ri
Wed Feb 29, 2012 11:16 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Thanks for all the opinions.

I am considering my options and an appeal to the Osbudmans.

As it stands I will pay 72 x 500 = 36k on a 40k liability. Accepting I incurred the debt this does appear very disproportionate!!!
by James.ri
Wed Feb 29, 2012 9:57 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Furthermore, checking the paperwork. The IP states; "I have not obtained professional valuations of the assets in the proposal, however, with regards to the debtor's property; I have obtained a valuation from an online based valuation". The debtor has also provided me with a copy of a recent mortgag...
by James.ri
Wed Feb 29, 2012 9:50 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Daniel, This is the issue. They did know exactly, the values as my mortgage statement was part of the documentation supplied. In the report they document the value being £166k, but then go on to state my remaining mortgage is £202k, clearly a contradiction as it's nearly impossible to have negative ...
by James.ri
Wed Feb 29, 2012 7:05 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

It doesn't mentioned "unreleaseable" equity. It simply comments that my mortgage hasn't been included thus far, but in year 4 will be reviewed whereby my home will be commercially valued.
by James.ri
Tue Feb 28, 2012 9:15 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Melanie, You are correct re para 1. There was never a discussion about equity release and no real emphasis placed on the yr 4 release. However, they were acutely aware of my mortgage level at the time, as it's documented within the paperwork. Plus, you are right, I did read through and jointly sign ...
by James.ri
Mon Feb 27, 2012 6:08 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

The IVA is in both my wife's and my name, as is our home. The only issue perhaps or reason (after trawling through the documentation) is the loan to value of the mortgage is above 75%, so no remortgage or equity release is possible - does this sound feasible? The company were fully aware of the valu...
by James.ri
Mon Feb 27, 2012 5:47 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Thanks for the clarity. I have checked my IVA and the 4 yrs clause is in there. The value of my home was provided by the IP utilising an online valuation tool, which is documented within the original proposal. They provided the value not me!!! That's why I am concerned, because until now I didn't re...
by James.ri
Mon Feb 27, 2012 1:01 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Still very confused. To summarise; 2 yrs into an IVA, with no real hiccups. 60mths @£500 per month on an original 40k debt. Initially, with DFH on a DMP, after 3 mths changed to an IVA. Recent cold call from a different finance company, stating because of my equity, the IVA wasn't the best option. I...
by James.ri
Sun Feb 26, 2012 7:44 am
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Thanks for the comments, I understand the cold approach - thanks for this. But, excuse my ignorance, I am confused about my equity release. The resale value of my home is 275k, however, the rebuild value as documented within the IVA is 166k, which doesn't give me any equity. I am currently paying 60...
by James.ri
Sat Feb 25, 2012 9:47 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

When you say IP. Do you mean the IP direct, as I have never spoken to my IP? Or do you mean the company (DFH) who arranged the IVA?

Thnaks
by James.ri
Sat Feb 25, 2012 9:05 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Apologies for the delay. I think it may have been. Do they do this regularly? I am a bit confused by all this now
by James.ri
Fri Feb 24, 2012 8:13 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Just one last question; Why did DFH start me on a DMP for the first few months, is this common practice, while the IVA is being put together?
by James.ri
Fri Feb 24, 2012 7:39 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

They were a cold calling financial company based in Bristol, didn't catch their full name. But it did spook me!
by James.ri
Fri Feb 24, 2012 7:27 pm
Forum: Ask IVA Forum and Industry experts
Topic: 40k unsecured debt. 75k equity. Was IVA the best option ?
Replies: 58
Views: 7489

Thanks for the responses.

They're advising I check the fees being drawn by the company, to ensure their appropriate and to enquire to the ombudsman of exactly what financial options would have been available to me, to ensure the company had my best interests at heart!!!!
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