Down to my last 5 payments, not sure if I will have to do another 12 months ?

[khorat]

Down to my last 5 payments of my iva , sent mortgage papers off , have about 9 thousand left, not sure if I will have to do another 12 mouths ?

[Michael Peoples]

It depends on your own proposal but it seems you have little equity so hopefully no extension will be required.

[khorat]

I hope so , another 12 mouths would do my head in , by the way I'm with grant Thornton

[khorat]

Is there any way I can track the progress of my iva online without contacting my ip

[Michael Peoples]

You could send them an email rather than call and hopefully they will be able to reassure you that way.

[Struzzo39]

How long does it normally take to get a response as to whether you need to extend or not?

[Michael Peoples]

It should be done once the valuation and mortgage statement have been received. It should not take long.

[khorat]

I sent my mortgage papers to gt over a mouth ago , still not heard from them, is it down to me to get in touch

[Struzzo39]

Thanks

[MelanieGiles]

How much is your property valued at, and how much is the outstanding mortgage balance?

[khorat]

Property value between £145000 - 155000 , outstanding mortgage is £118000

[winter_blues]

On these figures it seems you will have to remortgage as you have more than 15% equity in the property. On the lowest valuation and including £5k cushion then you would just fall within 85% LTV.

Another year, although not welcome at the time, works out better than equity release.

[khorat]

So let me get this correct, if they go by the lowest value, I should be ok, but what are the chances of not doing another 12 mouths

[winter_blues]

No, even allowing for the lowest value of £145000.

LTV £118,000 divided by £145000 = 81%. Your LTV would have to be greater than 85% for equity to be excluded. But check the exact wording in your proposal .

[winter_blues]

Have you had your valuations done yet as make sure you ask for "forced sale basis" as against market value. A value based on a forced sale is generally recognised in the insolvency world as a fairer value and is generally 10% lower than market value.