Hi All,
My husband and I are in a joint Iva and are at month 52, so we are anticipating the month 54 paperwork very soon.
Would like some advice please. House value is approx. £225000 with mortgage of £182000. Am confused with the £5000 de minimis clause. As it is a joint IVA is it £10000? and how does the 85%LTV work.
Am unsure if the figures will mean a 12month extension assuming we are unlikely to get a remortgage.
Any advice gratefully received.
Sorry it appears we all missed your post last night .... My understanding of equity release is very limited and I don't know the exact answer for you ... But the iva's are interlocking however are separate in their entity ... Therefore I would expect both parties to have the £5000 de minimis clause based on their share of the equity ...... You would be best to clarify this with your IP direct though. Good luck !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with Luluj -- you are entitled to the £5000 de minimis allowance each, on your shares of the equity. This is assuming you both have the clause.
On the figures you give it is a very close race, so you must keep an eye on the revaualtion figure and make sure it is accurate (or low ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, Thanks for the reply, yes we both have the same clause which was why we guessed it to be £5000 each, house value at the moment is a guess so will have a better idea when valuations are carried out. Reading previous posts on this subject I believe we are best to ask for a forced sale valuation which will generally be lower?
Thanks again
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