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Steve.02

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Post by Steve.02 » Wed Aug 24, 2016 1:18 pm
Hi at the end of the 5 year period and have paid what was said on IVA excluding PPI payments which were extra (but slightly less than 18 k still left from original debt) but live alone on income from second property. No DSS being claimed. There is equity in second property. Not working. Can't remortgage as had arrears with lender and service charge and can't get loan. Will they use equity clause and make me sell? Can't afford to make any more regular monthly payments going forward. Girlfriend helping me out though not borrowing. If I sell no income. Thanks
 
 

Foggy

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Post by Foggy » Wed Aug 24, 2016 1:23 pm
This should have been disclosed at the start of the IVA and the details of what they expect from the property included in the agreement. Was the second property disclosed to the IP ?.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Wed Aug 24, 2016 1:23 pm
HI,

If you have equity of over £5k then you will probably have to continue on with your payments for another 12 months in lieu of that equity.

Check exactly what it says in your original paperwork. Have you had the property valued?
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
 
 

kallis3

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Post by kallis3 » Wed Aug 24, 2016 1:26 pm
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
 
 

Steve.02

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Post by Steve.02 » Fri Aug 26, 2016 3:37 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

This should have been disclosed at the start of the IVA and the details of what they expect from the property included in the agreement. Was the second property disclosed to the IP ?.
Yes it was disclosed and it's income was the basis for my monthly repayments.
 
 

kallis3

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Post by kallis3 » Fri Aug 26, 2016 3:52 pm
You need to speak to your IP about your issues Steve.
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
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