Month 54 of IVA

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ashnatlucy

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Post by ashnatlucy » Sat Mar 07, 2015 4:18 pm
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I am currently in month 54 of IVA and been asked to get a redemption figure which I received today from NRAM, £165950, we also had a valuation of the property to today which was £169950, we are with Pay plan, our IVA ends in OCT this year, what's happens in our case if we can't release equity as we only have £4000...
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Foggy

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Post by Foggy » Sat Mar 07, 2015 4:25 pm
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Have you got the usual £5000 de minimis clause in your equity release clause ? If so then IVA should end as scheduled.

In fact if they use the usual 85% LTV ceiling you have no equity to address at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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ashnatlucy

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Post by ashnatlucy » Sat Mar 07, 2015 4:38 pm
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Hi, yes we have... so hopefully it will end this year...
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Michael Peoples

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Post by Michael Peoples » Sat Mar 07, 2015 8:13 pm
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It should end unless there are any unusual things in the Chairman's Report or the IVA proposal. Well done for getting to the end.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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