Hi darlo70. When you posted the part about your equity release clause you did not mention whether there was any other clause as to what happens in the event that you are not able to re-mortgage. Also was there any modifications to your original proposal?
Currently Banks are lending at 70% LTV.
Anyway depending on what else your proposal and/or modifications state I would insist on your IP using the original figure as this works (currently) to your advantage.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Cheers David/Melanie.
The only time I have been asked to actually supply a valuation is after I sent them my recent proposal. I now have this as well as a "forced sale" valuation figure which I think you recommended Melanie. I definitely was not asked to get a valuation done when IVA started. My own personal estimation over the phone 5 years ago does not in any way, shape or form constitute a valuation in the formal sense.
I am going to insist on the £10.5 K figure as the absolute ceiling level although would expect this to decrease on a month by month basis until this time next year. Unless of course we recive a reasonable offer on our house meantime and settle sooner.
Guys I want to say thanks again. Your effort and contributions to this site are reassuring
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Well it's been a while again. Accuma are now Grant Thornton of course. So they continued with my regular payments then recently mailed me an amendment proposal which I could text back to say yay or nay. Basically I could keep up my current payments (or at least no more than a 10% increase) up to 12 months at the end of original 5 year term IVA. The potential caveat was that they could take up to 75% equity rather than the £10.5K flat in original. However the house has been up for sale since January the IVA would be 6 years old in March with us having paid just over £5K into it over the last year.
Thing is a couple of days later I received an alternative offer which suggested finishing IVA in July next year (76 months in total)but increase payments by £300 (my I & E only left about £40 or £50 to spare!)
Confused
Did the second offer also come from Grant Thornton? And what do you feel is the current level of equity in your property, compared to its value and the value of the outstanding mortgage?
I think that you need to discuss this with them directly. Getting two very different options is rather confusing, but there is bound to be a good reason behind it.
Hope you get it sorted darlo, it is a bit confusing isn't it?
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
we didnt have our house vaued at the time of setting up the iva.but due to equity realise ahe done so recently....house outstanding owed to mortgage £99.000......valuation £82.000. oops ... so we have had a variation meeting and are going for another year
I think that is probably what we will end up having to do as well.
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
