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Posted: Mon Oct 01, 2007 11:08 am
by c.s
i want to sell my house which will give me 17000.00,i am on an iva for 30.000 i have been on it just over a year,how much of the equity would they want of the 17000,i pay 338.00 a month
Posted: Mon Oct 01, 2007 11:17 am
by kpw
Hi
A good rule of thumb would be to aim for the amount you would have paid into your iva over 5 years i.e 338x60= 20280
Minus contributions 12x338 =4056
total =16224 as tops
Depending on IP costs you can probably bring this down slightly as the ip costs for final 4 years will not be incurred. But there are costs associated with F+F
Ask your IP for a settlement figure and go from there
Posted: Tue Oct 02, 2007 9:44 pm
by Cybus
Before selling your property, I would check what the proposals actually said in relation to your property and any equity therein.
Most proposals involving a property are modified by creditors, requiring a valuation in year 4 and then expecting you to obtain 2 offers of re-mortgage. You would be expected to accept the offer that provides the greater return to your creditors. How much? It can vary from 50% of your share of the beneficial interest to 100%.
They may also suggest that contributions in year 5 can be reduced by the level of any increase in the mortgage re-payments. For example if your mortgage goes up by £50, contributions may come down by that amount.
Check the proposal and Chairman's report before doing anything else re a sale of your property.
Tell it like it is.
Posted: Wed Oct 03, 2007 10:30 am
by ray_a
Sorry, from a personal experience I have to disagree!
Firstly you need to check the IVA documents.
I suspect there will be a clause saying that if the Supervisor can see that you have funds to make a full payment ie 100% and you can pay statutory interest then he has to persue it.
Given the IVA is only for £30,000 and you have a considerable amount for the sale of the house your supervisor will seek to recover that. Sorry I know it hurts!
The good news will be that you will come out of your IVA and give you sufficient funds to put as a deposit for a new home and effectively rebuild your life!
Do come back if you need any more info!
Good Luck
Posted: Wed Oct 03, 2007 3:45 pm
by Adam Davies
Hi
It all depends on whether you have the fourth year equity release clause or not.
Can you post back those details
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp