Hi
Both myself and my wife are in an IVA when it comes to the house valuation to see what equity is available and if its to extend a year.
They say its 5k each equity if to go on a year however is that then added together to make 10k as they treat us as one when doing reviews. Example if after LTV there is 8k equity does that mean it won't extend a year as we don't each have 5k in total
One firm in particular takes the view that the equity position, in interlocking IVA's, is otherwise than the usual understanding applied by most IP's.
The majority apportion equity 50 / 50 and them measure this against a de minimis of £5k each. However, at least one, will add the equity together and apply a de minimis ( incorrectly in my view) of £10k.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also they have to be interlocking - if taken out even 1 day after the other this would not apply.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
