Posted: Thu Jan 15, 2009 9:11 pm
I have highlighted some of the basics of mine and my wife's joint IVA in other posts.
To summarise: Approx £37K debt paying back 52p in the pound. Payments started @ £296/month and went up to £466/month last year when car finance was paid off. We missed two of the £296 payments which were sanctioned by our IP to cover getting a new boiler so still need to pay that back. We also have a year 4 75% equity release clause which at time was estimated to be £10,500K.
IVA started March 2004 so we are nearly at 5th anniversary and the worst should be well and truly behind us.
Yesterday we had an Estate Agent come round to do a valuation and they will be sending me a written valuation for £99.5K , we got house for £75K so in theory that means £15K to add to pot.
However we would prefer to sell and buy another house under a joint equity scheme and there could be investors keen on our place for a price we would be willing to accept (£90 - £95K. We have an 8yr old boy and 4yr old girl sharing a bedroom right now and although they get on brilliantly, it's getting awkward. We would also want to extend the family. Staying in this house is becoming less and less feasible.
Here's the major catch. One thing you might need to appreciate is that although IP's do a lot of the work to help get you out of this mess, I regarded them a bit as the enemy also. Having read a lot of threads on here and seen all the support and advice from the likes of Melanie and David, I know this is not the case. Quite by accident some years ago, I found out that my IP had not been receiving copies of our payslips. I thought it was strange they had not chased us for them as it is their responsibility to review this on a quarterly basis. I got lazy and stopped sending them altogether. They only asked for them and our I & E each year but were never beligerent about it. My car needed major repairs (new gearbox and clutch) and I ended up owing my father £1500. Our pay structure at work changed and rather than nice payrises, we got performance related bonuses on top of our salaries every 6 months. Needless to say the 50% portion which should have gone into the IVA has gone to my Dad and also my mum who helped with getting us a new boiler.
We are more than happy to come clean to our IP and propose an additional £1500 when finalising. We are a little worried they could fail us for this but at this stage it seems ludicrous and to be honest, I think it works both ways. Ironically, in my job I "account manage" some of my creditors as well as some of the IP firms and lets just say, I am not so backward in coming forward about their contractual obligations sometimes.
Melanie/David/anyone. I know I've been a bit of an idiot.....but I haven't walked away neither. I'd really appreciate some guidance as to how to approach this with my IP. We would prefer to put our home on the market and make an F & F should the right offer come by rather than re-mortgage. The F & F need not necessarily be less than what was expected in the IVA although that may depend on what size mortgage we can get.
To summarise: Approx £37K debt paying back 52p in the pound. Payments started @ £296/month and went up to £466/month last year when car finance was paid off. We missed two of the £296 payments which were sanctioned by our IP to cover getting a new boiler so still need to pay that back. We also have a year 4 75% equity release clause which at time was estimated to be £10,500K.
IVA started March 2004 so we are nearly at 5th anniversary and the worst should be well and truly behind us.
Yesterday we had an Estate Agent come round to do a valuation and they will be sending me a written valuation for £99.5K , we got house for £75K so in theory that means £15K to add to pot.
However we would prefer to sell and buy another house under a joint equity scheme and there could be investors keen on our place for a price we would be willing to accept (£90 - £95K. We have an 8yr old boy and 4yr old girl sharing a bedroom right now and although they get on brilliantly, it's getting awkward. We would also want to extend the family. Staying in this house is becoming less and less feasible.
Here's the major catch. One thing you might need to appreciate is that although IP's do a lot of the work to help get you out of this mess, I regarded them a bit as the enemy also. Having read a lot of threads on here and seen all the support and advice from the likes of Melanie and David, I know this is not the case. Quite by accident some years ago, I found out that my IP had not been receiving copies of our payslips. I thought it was strange they had not chased us for them as it is their responsibility to review this on a quarterly basis. I got lazy and stopped sending them altogether. They only asked for them and our I & E each year but were never beligerent about it. My car needed major repairs (new gearbox and clutch) and I ended up owing my father £1500. Our pay structure at work changed and rather than nice payrises, we got performance related bonuses on top of our salaries every 6 months. Needless to say the 50% portion which should have gone into the IVA has gone to my Dad and also my mum who helped with getting us a new boiler.
We are more than happy to come clean to our IP and propose an additional £1500 when finalising. We are a little worried they could fail us for this but at this stage it seems ludicrous and to be honest, I think it works both ways. Ironically, in my job I "account manage" some of my creditors as well as some of the IP firms and lets just say, I am not so backward in coming forward about their contractual obligations sometimes.
Melanie/David/anyone. I know I've been a bit of an idiot.....but I haven't walked away neither. I'd really appreciate some guidance as to how to approach this with my IP. We would prefer to put our home on the market and make an F & F should the right offer come by rather than re-mortgage. The F & F need not necessarily be less than what was expected in the IVA although that may depend on what size mortgage we can get.