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FormerlyST1100

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Post by FormerlyST1100 » Sat Jan 31, 2015 1:57 pm
Well now only got seven payments to go with mg IVA with Stepchange.

I was contacted a couple of weeks ago to ask me to get hold of my mortgage balances which I sent to them.

Was contacted last week by them to arrange a valuer to call and this was arranged for the next day.

Just received a letter from Stepchange informing me there will be no request to remortgage so my IVA will be ending after those seven payments, August being my last one.
 
 

Struzzo39

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Post by Struzzo39 » Sat Jan 31, 2015 3:02 pm
Fantatsic news. Heres wishing you a smooth journey on your final steps to becoming debt free
Steven & Debbie
 
 

FormerlyST1100

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Post by FormerlyST1100 » Sat Jan 31, 2015 3:42 pm
My own house value and mortgage is about the same values as there has been very little movement in values and the values are low anyway.

If values are higher,say value was £200,000 and mortgage at £175,000 this would give you a £25,000 equity but the 85% valuation would reduce the forced sale valuation to £170,000 meaning you no longer have any equity for the purposes of the IVA.

Hope this explains it for you.
 
 

luluj

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Post by luluj » Sun Feb 01, 2015 2:05 am
Thats great news ...September will be a good month for you then!
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

thisusernameistaken

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Post by thisusernameistaken » Sun Feb 01, 2015 2:08 am
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Almost done now

Thanks St1100
As I thought just hard to believe you can ha e equity but for the iva you dont. I thought they wanted blood from a stone.

thanks again good luck with your completion
Most mortgage lenders won't look at remortgaging with a LTV greater than 85%, hence the figure used.
 
 

Shining

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Post by Shining » Sun Feb 01, 2015 12:26 pm
Great news x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

FormerlyST1100

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Post by FormerlyST1100 » Sun Feb 01, 2015 7:11 pm
According to my understanding if your full valuation is £250,000 then 85% of this is £212,500.

As your outstanding mortgage is already higher than this then you should not be expected to have to remortgage or obtain a secured loan.

...or at least that is what my IVA tea when I signed up for it.
Good luck with finishing yours.
 
 

kravarran

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Post by kravarran » Sun Feb 01, 2015 7:43 pm
That's great news ST, can't wait till I'm in the same situation.
Bet you can't wait till Septembers pay [:)]
The hardest part is telling a stranger about your problems ...... it's also the most important!


Completion Certificate Received! :D
 
 

thisusernameistaken

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Post by thisusernameistaken » Sun Feb 01, 2015 10:59 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Almost done now

Thanks

who in their right minds who be almost wishing for negative equity.

what have we signed into.

GOOD LUCK ALL
It does seem perverse doesn't it.
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