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cobby1994

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Joined: Wed Oct 03, 2018 12:33 pm
Post by cobby1994 » Thu Oct 18, 2018 6:17 pm
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cobby1994 wrote:
Lisa Thomas wrote:
Sorry to repeat myself but can you confirm how much equity there is in your property?

If you can show it is less than £10k then the extension may not be applicable and you may be able to complete your IVA now instead of paying another 12 months...
there is more than £10k :-/
sorry me again. is it normally 85% that they work on? so valuation -85% -mortgage balance = equity they see?? hope that makes sense :roll:
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Thu Oct 18, 2018 6:59 pm
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Yes, the generally accepted method is Open Market Value x 85% less outstanding mortgage and secured lending = available equity
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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cobby1994

Posts: 15
Joined: Wed Oct 03, 2018 12:33 pm
Post by cobby1994 » Thu Oct 18, 2018 7:32 pm
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Foggy wrote:
Yes, the generally accepted method is Open Market Value x 85% less outstanding mortgage and secured lending = available equity
thank you, and thank you for your help & advice :)
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