month 54

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

clanger

User avatar
Posts: 47
Joined: Wed Feb 25, 2015 11:35 am
Location: United Kingdom

Post by clanger » Mon Mar 23, 2015 8:05 am
I have noticed on here that this seems to be the one of the worst months for issues, can one of the IVA vetrans (meant in a nice way) give us newbies a run down on what happend and what we need to do
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Mar 23, 2015 8:19 am
It depends upon whether you own or rent. If you rent, nothing.

If you own the question of equity release has to be looked at. This will differ from person to person as equity release terms do vary slightly, according to the way your IP works, and, indeed, two IP's can also interpret the same clause slightly differently!

Generally, you have to get a couple of valuations and your mortgage redemption figure to calculate what equity you have. You them need to attempt to release this into your IVA -- which, at the moment is impossible. Failure to release equity usually results in a 12 month extension to the IVA instead.

If your IP uses the 2014 Protocol, or has otherwise worded the clauses, sometimes a secured loan is required.

There are limits to the amount you will be required to borrow and the time for repayment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

clanger

User avatar
Posts: 47
Joined: Wed Feb 25, 2015 11:35 am
Location: United Kingdom

Post by clanger » Mon Mar 23, 2015 8:45 am
Thank you Foggy, I have a long, long ,long way tio go until month 54 but I'm sure when I get there this forum will be a great help and of course asking qyustions of my IP company as well to make sure all falls in line
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”