Get expert opinion. This is the place for new questions to be posted.
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ldc
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ldc » Sat Jul 21, 2012 9:01 am
Has anyone had dealings with this kind of security over a property in the past,we are 5 years into this agreement and its occurred to us that if our iva is required to be extended in anyway it takes us over the period thats left for us to pay the security back. We have only just entered the IVA and our property is currently around 46K in negative equity.Any info/shared experiences on this would be good.
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Broke of London
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As there is no equity for creditors, it is likely that your agreement will finish at the end of the monthly payment term (60 months usually). Do check with your IP for clarification of your specific case. x
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ldc
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ldc » Sat Jul 21, 2012 10:50 am
Thanks BOL, I have already asked our IP who is looking into this for us, Im just impatient and curious if anyone else has had this situation.This is classed as s secure loan so come 5 years they will want there share. Im trying to contact them regarding the what ifs/worse cases so hopefully will get this clarified soon.
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nickjohn
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my own paperwork says that if the equity in the property is over £5k (even by 1p) then I must try and raise more funds via a remortgage, if this is not possible then another 12 payments must be made. However, if the equity is less than £5K (even by 1p) then the IVA is brought to a conclusion..
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kazzafunk
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ldc - this is one of those times when it is best to check your own paperwork. An IVA is individual (although thesedays they tend to follow the same routes) so it should specify in your proposal paperwork how your property will be dealt with towards the end of your IVA.
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ldc
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ldc » Sat Jul 21, 2012 5:45 pm
Thanks for all the replies,however its not the IVA part that concerns me as I know exactly what could happen near the end of the IVA. Its the 25% cash value of the house (Barretts Dreamstart scheme) that comes into play around the same time as the IVA may finish that I was querying with you guys in the hope someone may have dealt or been through this experience.
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Niobe
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I've not seen anyone on here post about a similar situation - don't know if one of the experts can help at all.
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Shining
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We'll keep this bumped up for you and maybe an expert will be along soon x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
