The other thing with equity release is that your monthly mortgage payments cannot rise more than 50% of your IVA payment. Not that you are likely to be in that position!! I've not known of anyone being able to remortgage whilst in an IVA.
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
Creditors will be asked what they want to do and the likely outcome is they will ask for a further 12 months payments instead. This really should have been sorted before you signed up to anything,which IVA firm are you with?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If you breach your IVA conditions then it can fail. It sounds as though your company will call a creditor meeting to see what they want to do.
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
sorry but I dont care who u r, nobody can know the fullnins and outs of our iva terns, there is so much to take in. Its Juergen annoyingvwhen u Want to do everything right
Sorry Rosalyn - why are you upset here? We are only trying to help.
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
What Paul was saying is that this should have been sorted out beforehand - your IP company company should have discussed it with you.
There are a lot of posters on here who have been in a similar position. I think the vast majority of us wish we had found the forum before we did so we could have had our questions answered prior to entering an IVA. I know I do.
Hopefully you won't be in breach at all.
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
I wasnt having a go at you Rosalyn,and I apologise sincerely if you thought I was,but instead at your IVA company who should ensure you know exactly whats expected of you,especially over major issues like equity releases and overtime etc.
Far too many posters are exactly as you are,in the dark over things they should know,but they will only know if their chosen company takes the time to clearly explain things and its the companies I have issues with!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It does seem bizarre that Rosalyn is confused about such an important element of her IVA, when this should have clearly been explained prior to the agreement being entered into. IPs have a responsibility to ensure their clients fully understand the implicatons of the terms of the arrangement, and be able to demonstrate their confirmation of that understanding if necessary.
yeah im totally confused, like i say i got the impression i would be ok because of the negative equity thats likely when the time comes but im not sure, im waiting for a call back. Paul apologies back to you too
