Equity release.

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Danield7552

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Post by Danield7552 » Mon Mar 16, 2015 2:00 pm
Will i need to pay an extra 12 months payments due to the equity clause?My property is worth £205000, owe £168000 on mortgage.Have the 85% clause in an interlocking iva with my wife.many thanks.
 
 

lifenoteasy

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Post by lifenoteasy » Mon Mar 16, 2015 2:07 pm
Depends on which company you are with and how they are working out the de minimis for each of you
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Danield7552

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Post by Danield7552 » Mon Mar 16, 2015 2:08 pm
I am with Grant Thornton and have the £5000 clause each.
 
 

lifenoteasy

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Post by lifenoteasy » Mon Mar 16, 2015 2:11 pm
They seem to be regarding interlocking IVA's as a reason for lumping this together.

One example recently was the valuation gave a figure of £5062(?) and they used that as the trigger for another 12 months payment whereas other companies seem to be allowing 2 x £5000.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

vlc1507

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Post by vlc1507 » Mon Mar 16, 2015 2:13 pm
Hi Danield7552, we are with Gt and in an interlocking Iva currently in process of formal complaint over the same issue. We have just over £9000 equity both have £5000 de minimis clause yet they insist equity is over the de minimis clause as it is classed as one amount.
Not sure how to add a link to my post but am sure someone will be able to and it will give you an idea of the battle we are having with Gt
 
 

Danield7552

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Post by Danield7552 » Mon Mar 16, 2015 2:14 pm
I remember asking the question to Grant Thornton and the lady at the end of the phone clearly stating that it was £5000 each.thanks for you quick replies.
 
 

vlc1507

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Post by vlc1507 » Mon Mar 16, 2015 2:17 pm
I have also spoken to someone and was told it was each but the progressions team dealing with the equity clause do not agree but am hopeful the complaint will do the trick and they will finally see sense.
 
 

Danield7552

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Post by Danield7552 » Mon Mar 16, 2015 2:21 pm
Seems a very grey area which should clearly be black or white!!!!!!
 
 

Foggy

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Post by Foggy » Mon Mar 16, 2015 2:26 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by vlc1507

Hi Danield7552, we are with Gt and in an interlocking Iva currently in process of formal complaint over the same issue. We have just over £9000 equity both have £5000 de minimis clause yet they insist equity is over the de minimis clause as it is classed as one amount.
Not sure how to add a link to my post but am sure someone will be able to and it will give you an idea of the battle we are having with Gt
This is the thread:

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=69604
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

vlc1507

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Post by vlc1507 » Mon Mar 16, 2015 4:02 pm
Thanks Foggy, I thought someone would be able to do that for me.
Not that technically minded!!!
 
 

Danield7552

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Post by Danield7552 » Mon Mar 16, 2015 4:15 pm
cheers,just read through the thread.Very frustrating and somewhat worrying!!!!!
 
 

vlc1507

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Post by vlc1507 » Mon Mar 16, 2015 5:43 pm
Will keep you updated as to our progress, will be interested to hear how you are dealt with when you tackle them with the same issue.
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