Can someone help me about the equity release. I'm not sure how to calculate this. The value of my property is £200k and my remaining mortgage is £93K . My remaining IVA debt is £11k . How much I need to pay back to my IVA once I sold my property . The council is offering to pay forward the remaining £11k to release the restriction. Is this possible? It means I can get a completion certificate ? or my IP will do their own valuation on my property?
You really need to discuss this with your IP as equity calculations differ from firm to firm and also depend upon how your IVA has been worded regarding equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It appears to me that your IP has given you a figure of £11,000 to settle the IVA and the council is prepared to meet this. You then get £96,000 paid to you by the council based on the valuation.
I ask creditfix customer service how much my remaining balance and they give me that figure. So if the council is paying it forward , can I ask my IP that is my F&F settlement to my IVA . Hope I am doing the right path so I can move to a new property before I get evicted. Is there any way that my IP will consider my current situations about losing a home and finding a new place to my family.
Ask CF to email confirmation that your IVA will be closed on receipt of the funds. Advise then that you need this plus confirmation that the restriction will be removed and you can then get the funds to them.
I would like to ask if this option is possible for Full and Final Settlement offer . My wife is not on IVA and I think she can loan in the bank enough to pay for F&F settlement . Is this possible . Also will have a quiet big equity if I remortgage and I am worried that I will pay more than I owe to the creditors . Hope you can answer and I can get a good advice . Thank you!
Yes, it is possible for your wife to borrow money for a full and final offer, based on the remaining payments ( plus 12 for equity) multiplied by the monthly amount. Of course there is no guarantee that it would be accepted, but worth a try.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Do you mean sir, If I have 10k left on my 5 years (I'm on my 44th month now) so I need to add another 12 month payments for the Full and Final Offer to be accepted.
Yes --- because you have equity in your property the IVA would probably be extended by 12 months because you will not be able to release equity --- so this has to be added on to make the offer attractive --- Basically you are offering to pay what the creditors are expecting to get by the end of the IVA. You can reduce the offer by a small amount because you will be saving the creditors some money in administration cost. What is your current monthly payment ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:Yes --- because you have equity in your property the IVA would probably be extended by 12 months because you will not be able to release equity --- so this has to be added on to make the offer attractive --- Basically you are offering to pay what the creditors are expecting to get by the end of the IVA. You can reduce the offer by a small amount because you will be saving the creditors some money in administration cost. What is your current monthly payment ?
My monthly payment Sir is £652 , I also have the option to ask the council to pay this before the demolition of my property. Thank you sir for giving the ideas, this will really help me to decide the good options for me.
So the creditors are expecting another £18,256 in payments (assuming that the total you will have paid isn't more than your total original debt, plus fees and possible statutory interest and that there would be more than £5,000 in equity to trigger the release clauses). So an offer of a little less than this should be looked on favourably.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:So the creditors are expecting another £18,256 in payments (assuming that the total you will have paid isn't more than your total original debt, plus fees and possible statutory interest and that there would be more than £5,000 in equity to trigger the release clauses). So an offer of a little less than this should be looked on favourably.
Sir I was thinking 15k okay will be enough and favourably to offer. I have a meeting with the council this week to ask them to release some money on the buy back scheme and hopefully they will accept this as well. Thank you again @ Sir FOGGY for your quick replies.
