Anyone care to share their experiences of going through the equity release process? Especially if you were / are with DFD. Need to start looking at this after Christmas so want to get my head around it now whilst I'm sort of quiet at work.
In the end it was simple although the initial desktop valuation was too high but this was easily rectified with a couple of real life estate agent valuations.
Good luck with it - I found that whilst it was slightly stressful, as long as I kept in touch with DFD by email everything was sorted out simply enough. Hopefully yours will be simple too.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Cheers Til.... One question then... After reading that thread, you say they confirmed that there was no equity, and that meant you had fulfilled your obligation of attempting to remortgage. Becasue there was no or little equity the IVA concludes? Do they only extend it if there is sufficient equity and you cannot release it?
Hi Simon. This all depends upon what has been agreed in your own proposal, as these clauses do vary.
Generally if there is less than £5 equity the property is ignored and the IVA concludes at the end of the originally agreed term. If there is more than £5, which cannot be released, the IVA is extended.
However, not all proposals have the de minimis clause and would need to be extended regardless of the amount of equity involved.
I have seen extensions applied where the failure to release equity is not due to the inability to remortgage but to the fact that there is none to release!
Check your proposal / chairman's report for your own obligations.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Our IVA agreement did have the deminimus clause but it also had the other clause which clashed with it and so the more restrictive clause that said 'any' equity must be released applied to us.
If we had even had £500 equity we would have had to pay it over or extend.
Luckily (in an ironic sense) we are in negative equity so absolutely no equity existed - therefore no extension and the IVA could conclude at the end of our agreed payments (ours was 72 months from the start due to northern rock and would have been 84 if a 12 month extension had applied).
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Til - Foggy. Cheers. Will have a quick butchers tonight when I get home.. I'm sure I have seen the diminimus claus in there somewhere... They are also pushing me to change to the new protocol......
