Equity Release?

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Carl.ph

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Post by Carl.ph » Wed Nov 19, 2014 12:04 pm
Hi all,

Please could you advise if the following statements are correct and advise if I have made any errors:

1. Around month 54 of my IVA I am required to provide 2 valuations of my home, if there is more than £5000 of equity I must attempt to secure a remortgage to release funds to pay into the IVA?

2. If I am unable to secure a remortgage and there is more than £5000 of equity my IVA would be extended by another year?

3. If after the 2 valuations there is less than £5000 of equity in my home I would not be required to attempt a remortgage and the IVA would not be extended and would end after 60 payments were made?

I am approaching the above point and want to be 100% clear on what is required of me as I approach the end of my IVA.

Thanks in advance...
 
 

Michael Peoples

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Post by Michael Peoples » Wed Nov 19, 2014 1:27 pm
The statements may be correct but only if this is what is states in your proposal or what was agreed at the meeting of creditors. Many proposals calculate the minimum £5,000 equity at 85% loan to value whereas yours seems to mention any equity at all.

Double check with your own IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Foggy

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Post by Foggy » Wed Nov 19, 2014 2:24 pm
Hi. To be 100% you need to look through your proposal and chairman's report as the answers all lie in there.

Equity release provisions do vary from arrangement to arrangement and yours will be governed by your own wording.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Carl.ph

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Post by Carl.ph » Wed Nov 19, 2014 4:22 pm
Thank You for your responses, can I just ask would the chairmans report have been sent to me aroumd the same time as my proposal, just so I know where I'm looking in my paperwork?

Thanks in advance...
 
 

Foggy

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Post by Foggy » Wed Nov 19, 2014 4:58 pm
The Chairman's Report is the summary of the creditors meeting right at the start and any amendments put forward in the meeting will be detailed and will override the proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Carl.ph

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Post by Carl.ph » Wed Nov 19, 2014 4:59 pm
Thanks again Foggy, I'll dig it out and take a look.
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