Completely understand Tab, I went through this very scenario December 2010. In my case I demonstrated that there was no equity. My clause was to address equity and by proving there was none it was agreed that I should not have to make payments to cover something I do not have.
I have to agree with the comments above. By the time i had got to the phone call stage of my iva, i was already so stressed and traumatised by my debt situation that i would have included my granny's state pension in my income if it would have helped get it through.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
hi, i was in same situation last year, you wont be able to receive a morgage rejuction letter because you wont find a co that will process your application so catch 22! as soon as you tell them your in an iva they wont process your application further! i contacted my existing lender and they sent me a letter stating that they would not lend to anyone in an iva and this was acceptable to payplan, however my mother offered me the funds to make an alternative full and final settlement offer at the variation meeting and this was accepted in lieu of an additional 12 months payments
Ok Quick update, I have had the house valued and its come back at £95-99K, my mortgage redemption figure is a couple quid under £88K, so there is a little equity but is this classed as equity in the current 75%LTV market?
I know i cant get any remortgage , just wonder how my IP will react to this? I hope they will go with the extra 12 months and keep it simple!
I'm pretty sure that you will be ok and that you'll get the extra 12 months.
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
HI - after all the sums, you may not even have sufficient equity to meet the criteria for addressing equity. Seems like the modification may actually work in your favour!! Let your IP know the figures and let them guide you as to how to proceed.
