www.iva.co.uk

Right, I am positive now.... I am happy, I am calm and I am rational. (I am quite pregnant, stressed to whatsit and could not be more irrational if I tried, but if I keep repeating the above then all will be rosy!)
I need some advice, I cannot work anything out, pregnancy brain, hormones, lack of education, call it what you will .......
I can confirm we are paying 27.1p in the £ back, for a debt of £67800 approx. There were a couple more creditors (not amounting to much at all), but they are not included in the IVA acceptance contract.
Does anyone have any idea how I work out what % goes to the IP and what goes to the creditors? I can confirm (as per my chairmans report), that the Nominee fee inc vat will not exceed £2300 and the Supervisor Fee exc VAT will not exceed 15% of all realisations and may be drawn proportionally......
I have to apply to remortgage the equity of my house (I rent out) in month 54 (currently in month 23 and a bit!), but this seems to worth approx £60k and I am mortgaged for £86k on it. So not sure how that will work.
I need to sort some things out before we crumple to the floor, can anyone please help me make sense of it all?
Thank you to any superstars who answer xxxxxxxxxx

The remortgage thing won't happen as you will have insufficient equity, we are in the same boat. Some IVA's make you pay another 12 months in these cases, hoping ours doesn't as it is already 5 1/2 yrs long but probably heading that way.

hi, not sure if this is 100% correct but the way i understand it is, if there is no equity in the property then the iva will complete after 60 months, if however there is equity that cannot be released this is when the iva will continue for a further 12 months.
kat

It will depend on your IVA documents as to whether an additional 12 months payments are asked for in exchange for the mortgage equity if there is none available. Your IP will be able to advise what will happen should no equity be available at the time.

on the fees front -- basically your IP will get the nominees fee from the early payments and thereafter 15% of all payments into the IVA. The 27.1p should have been calculated after allowing for this.