Equity clause

[simon1883]

Hi all,

I having an interesting chat with my IP currently... Since they have asked me to switch to the 2014 IVA protocol (which gets a no from me) it has rasie the question about the equity realse clause in my contract. My LTV was, at the start of the agreement over the 85% mark. It will most probably over that come the end of the agreement. So with this in mind - the additional 12 months payments "in lieu of equity" should not be applied right? As there was never any to claim? not managed to get a straight answer as yet.....
Any thoughts?

[Adam Davies]

Hi

If you still have more than 85% LTV when you come to the final year then you should not have to raise equity via remortgage or loan

Regards

[Christabelle_sparkle]

Can IPs make you switch to 2014 protocol?
I have noticed a lot of this lately that IPs seem to be 'moving the goal posts' so to speak against what was agreed at the onset.
Really concerning.

[MelanieGiles]

For the terms of an IVA to be varied, there must be the agreement of the debtor, the creditors and the IP - ie all parties must agree to the changes unilaterally.

[Christabelle_sparkle]

Thanks Mel

[Latitudee6400]

I have a similar query. I am in a 2008 Protocol compliant IVA with the usual 85% loan to value remortgage clause. I also have the 5k deminimis clause which states that if there is less than 5k equity the iva will end and the term will not be extended.

My problem is that my IP states that the 85% ltv clause does not apply when calculating equity for the purpose of the di-minimis clause.

I'm fairly sure they are wrong about this, can anyone advise?

[MelanieGiles]

I've responded on your other post Latitudee - but which IP firm are you with?

I don't share the view of your IP.

[Latitudee6400]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

I've responded on your other post Latitudee - but which IP firm are you with?

I don't share the view of your IP.

Many thanks Melanie
I will respond in the other post rather than maintain two separate threads.

[MelanieGiles]

Having read the information you have shared on your other post, it strikes me that you do not have the IVA Protocol equity release terms in your IVA - which would need to be taken up with the IP concerned, if they have been confirming that your case is Protocol compliant.

[David.43]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Christabelle_sparkle

Can IPs make you switch to 2014 protocol?
I have noticed a lot of this lately that IPs seem to be 'moving the goal posts' so to speak against what was agreed at the onset.
Really concerning.

Hi Chris,
If there is any comfort, I have consulted a Solicitor on the matter for a two digit fee which took less than a minute for the solicitor to answer. The answer is NO, DFD can't force you to sign it. But this is just one solicitor's view.

[MelanieGiles]

A useful point of view, nevertheless.