experts advice please!!!

[Christabelle_sparkle]

Hi

I have just sent my ip my house valuation and mortgage redemption figure.

My house has been valued at £145,000
My mortgage redemption figure is £147,158

The extract from my proposal states this-
'six months prior to the expiry of my IVA I will attempt to release the equity in my home by way of a remortgage ( this will normally be after month 54, unless my IVA has been extended for any reason). However, if I am unable to obtain a remortgage for any reason my IVA may instead be extended by up to 12 months'

Can you please advise on where we stand with above and the figures that have been given to our IP.

Many thanks

[Michael Peoples]

The clause seems very vague and implies that your IVA could be extended because you have no equity and therefore cannot get a remortgage!

You need to speak to your IP but in normal circumstances your IVA should be shut down.

[Christabelle_sparkle]

Thanks for your reply Michael.

Surely it only means that I need to try and obtain a remortgage as a means to release equity?
Of which there is none.

It also states in our proposal that the equity needs to be more than 5k which again there is none.

I have tried to contact my IP but no reply, probably due to easter bank holiday. Will chase up on tuesday.

I just wondered if you experts could shed light on things for us.

Thanks

[Michael Peoples]

I am sure you are right that the intent is there for the IVA to be closed but that part on its own can be interpreted differently. Perhaps everything together would clarify matters ad I am sure your IVA will close.

[Struzzo39]

Hope you get this sorted. We've got this dreaded task coming shortly

[Christabelle_sparkle]

I understand what you mean Michael.

In its entirety it would make more sense.

It does go on to say if the equity is less than 5k then it is de-minimus and does not need to be released and therefore the IVA will end.

Thanks for your replies and Struzzo good luck for when your time comes round.

[luluj]

I read that as less than 5K your IVA will end with no extension required. I would however urge you to check with your own IP.

[Shining]

I hope that once you've clarified with your IP that the IVA is closed due to the <5k being available.

[Christabelle_sparkle]

Thank you.
Will speak to them on tuesday.

[MelanieGiles]

There is no equity - therefor nothing to raise or extend the IVA for. Common sense really!

[Christabelle_sparkle]

Thanks Melanie.
My thoughts exactly. Just hope our IP firm has that approach to the situation.