Will i need to pay an extra 12 months payments due to the equity clause ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
Post Reply
 
 

dan1975

User avatar
Posts: 10
Joined: Sun May 29, 2011 1:33 pm
Location: United Kingdom
Post by dan1975 » Mon Mar 16, 2015 2:04 pm
Quote
Will i need to pay an extra 12 months payments due to the equity clause?My property is worth £205000, owe £168000 on mortgage.Have the 85% clause in an interlocking iva with my wife.many thanks.
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Mon Mar 16, 2015 2:32 pm
Quote
Depends upon what equity release clause you have Dan -- they do vary. But, generally, if there is equity to be released and you are unable to do so, a 12 month extension is applied.

There is also an ongoing discussion about whether you get the £5k deminimis each ... have a look here:

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=69604
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Mon Mar 16, 2015 7:53 pm
Quote
Hi

In my opinion no you will not have to extend, it will depend on your own IPs interpretation of your equity clause

Regards
Andam Davies
Top
Post Reply
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”