I will be 98% completed in December, I am being asked to raise equity on my house

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Mercy.33

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Post by Mercy.33 » Fri Aug 12, 2016 7:37 pm
If I complete in December, I will be 98% completed, I am being asked to raise equity on my house as I am nearly finished with the IVA.
 
 

Foggy

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Post by Foggy » Fri Aug 12, 2016 7:53 pm
You will be obliged to do so, unless you have paid 100% of the full original debt, plus fees and statutory interest, I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Fri Aug 12, 2016 8:36 pm
Hi and welcome,

Foggy is correct - you will need to do that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Shining

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Post by Shining » Fri Aug 12, 2016 8:54 pm
Hi and welcome.

I doubt very much you will be able to remortgage, therefore, extra payments in lieu of equity will be payable.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Aug 15, 2016 10:26 am
Hi - check your proposals. They probably had the standard clause that if you have equitable interest over £5k then the one year extension will apply to you.

IF you manage to repay 100% of the debt PLUS statutory interest PLUS all the costs in full then the IVA would end early. If not you have to carry on paying for another year I'm afraid (unless you can prove that your equitable interest is less than the assumed standard £5k.

Check your paperwork.

Consider getting your own valuaiton.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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