My iva states that I pay back 100p in th epound to my creditors I am 12 months in to this which is tight but of course will carry on to pay back , my question is if my agreement is 100p per pound do I still need to release equality in my home in year 4 as I thought that you only paid back what you owed can any body assist please?
Hi, you might well still have to release some equity or take a 12 month extension as you will also have to cover the fees and possible statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The dividend is normal express after fees have been included and for the initial terms (excluding any extension. So if you are paying 100p/£ then you will not need to release equity or extend at the end of the agreement.
I have to disagree with Mole -- the dividend is calculated after fees have been taken out, being calculated on the pence in the pound repaid on the original debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Again, I disagree. If you pay back 100 p in the pound there is still Nominees fees and Supervisors fees to be paid -- so to clear the IVA, lock, stock and barrel would require 115% plus around £1750 (ignoring any potential for statutory interest).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you can pay the 100p in the £ plus fees by releasing equity early this is soimething that may need to be done. If you cannot raise the equity the IVA will continue on until the contributions clear the creditors.