Early last year we had to approach our IP about a variation to our iva payements due to a reduction in income. This thankfully didn't come to anything and our income remained the same [:I] .
We did however get to the stage of of receiving from them the variation paperwork.
We are due this year to get a valuation on the property and attempt a remortgage should we need to. We have been unsure as to how they might attempt to work out our equity if indeed we have any.
The proposal for variation states:
'As per the approved proposals the debtors' equitable interest in their property is an asset of the arrangements and, to that end, I can advise that the debtors own the property jointly.
Property Value £145,630
85% LTV £123,785.50
Mortgage/Charges £125.623.80
Equity £-1.838.30
Debtors equitable interest NIL
The above is based on a desktop valuation and as such based on a remortgage at 85% Loan to value, I am satisfied that the current value of the debtors' equitable interest in NIL.'
Would you say that should they decide we do have equity, by working it out on 100% and trying to make us pay an additional 12 months that the above would be a good start at disputing that?
Last edited by Ike on Tue Apr 21, 2015 9:12 pm, edited 1 time in total.
It looks like GT are just getting approval from creditors to close the file down. It may be that the original proposal was not entirely protocol or it was modified as otherwise a variation should not be needed. I think you will be fine and I do not think it is GT trying to move any goalposts.
