To cut a very long story short I have had a valuation done on my property
As it wasn't done in month 54
Conflicting issues with Aperture
Property valued at 99,000 aperture have back dated it to 7 months ago so comes out at 98,775
My redemption statement shows 79,859
Aperture are saying that there is available equity for me and my husband
To contribute for an extra 12 months
In my original statement of affairs it shows equity in my property but this would of been worked out for iva /bankruptcy comparison
Proprty value of 99,702 -mortgage of 86,500 at 07/01/2012
Showing equity of 13,202
My share being 6601
My proposal states
After month 54 of the arrangement the supervisor will obtain a proffessional valuation of the property.I will obtain 2 remortgage quotes from reputable brokers to satisfy the supervisor that the equity realisation is the maximum achievable.the proprty shall be remortgaged to a maximum of 85% loan to value less existing borrowings.a remortgage of less than 85% loan to value is allowable where the lower realisation will introduce funds of 100% of my equitable share.where I am unable to obtain a remortgage the iva should instead be extended by up to 12 months
The amount by which the additional borrowings increase shall not exceed 50% of the monthly arrangement contribution.where it is demonstrated after month 54 that the equitable share is less than £5,000 gross the property is to be excluded from the arrangement without extending the term
The cost of remortgaging to release equity shall be deducted from the mortgage proceeds and the monthly payments deducted from the contribution
My question is how have they calculated equity
Should it be calculated at 85% ltv?
They have accepted a valuation of 98775 outstanding mortgage of 79859
Can you help
Did Aperture value your property as well? If you are not happy then challenge it. You are unlikely to be able to remortgage so may well have to continue on for a further twelve months.
Don't let them talk you into a secured loan if your paperwork doesn't mention it.
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
Should be calculated at 85% of valuation, less outstanding mortgage, so approx 5k
If you are both in an IVA it could be argued that your share is only 2.5k so under the 5k threshold
I would also argue that your property has increased by more than £225 in 7 months so valuation should be less and put you under the 5k mark jointly
It really depends on the wording of your IVA and your IPs interpretation of this
If you are unhappy do challenge it as all too often I think people take things as gospel that their IVA company say, we here on the forum have seen people challenge and it go in their favour so do challenge if you feel that you want to.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
