What happens after the 5 year point if you have your own house ?

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Fintou

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Post by Fintou » Thu Oct 20, 2016 12:42 pm
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Hi can anyone tell me what happens after the 5 year point if you have your own house.I think I remember them saying you have to have your house valued if there is equity in the house at that point how much of it can they ask for?
Thanks in advance Julie
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Lisa Thomas

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Post by Lisa Thomas » Thu Oct 20, 2016 1:17 pm
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Hi. You need to check your paperwork for the exact answer but the standard clause if is your share of equitable interest is worth more than £5k then the 12 month extension clause will kick in.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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Fintou

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Post by Fintou » Thu Oct 20, 2016 1:28 pm
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Hi Lisa thank you for that I have just checked our paperwork and that's what it says. If there is no equity is that the end if the iva arrangement.
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kallis3

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Post by kallis3 » Thu Oct 20, 2016 2:23 pm
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If there is no equity then that will be the end of it.

You may well still need to have the house valued to make sure.
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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Andy.75

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Post by Andy.75 » Thu Oct 20, 2016 11:12 pm
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I had 3 valuations from local estate agents and they all agreed to just under 5k equity so no extension was required
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Foggy

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Post by Foggy » Fri Oct 21, 2016 9:29 am
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As Lisa says, the answer lies in your paperwork, as some clauses do vary. Dig out your proposal, pop the kettle on and have a read.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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